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.


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