admin-ajax.php

Darwin property prices drop 9 per cent

The latest RP Data- Rismark  figures show that Darwin is the weakest performing capital city in the country for the February quarter.

The report shows home values levelled off in most capital cities during the three months to February, but Darwin house prices have fallen 9 per cent.

It is the weakest performing capital city for the period, followed by Brisbane which recorded a 3.3 per cent fall. 

Research analyst Cameron Kusher says Darwin’s market is small and volatile.

“If you look at the January results, they were only down 1 per cent, so they can be a little volatile at times.  “But everything we’re hearing out of Darwin is that the market is certainly slowing up.”

He says investors looking to get into the market for short-term capital gains have missed their chance.

“For eight or nine years now Darwin has continually seen growth in property values,” he said.

“If you look at median prices now in Darwin they’re actually close to prices you pay in Sydney so clearly the market is now cooling down and we expect the market will remain fairly subdued at least for 12 months, if not longer.”

However the latest data also shows Darwin has the highest house rental yields for a capital city in Australia at 5.7 per cent.

It also has the second highest yield for apartments behind Hobart.

Yes the long running boom in Darwin seems to be over.



icon-podcast-large

SUBSCRIBE & DON'T MISS A SINGLE EPISODE OF MICHAEL YARDNEY'S PODCAST

Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.

icon-email-large

PREFER TO SUBSCRIBE VIA EMAIL?

Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.


Avatar for Property Update

About

Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au


'Darwin property prices drop 9 per cent' have no comments

Be the first to comment this post!

Would you like to share your thoughts?

Your email address will not be published.
CAPTCHA Image

*

facebook
twitter
google
0
linkedin
0
email

Michael's Daily Insights

Join Michael Yardney's inner circle of daily subscribers.

NOTE: this daily service is a different subscription to our weekly newsletter so...

REGISTER NOW

Subscribe!