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Look what’s happening in our capital cities – Darwin and Canberra

Over the last few weeks I’ve discussed the property markets around Australia. Today we wrap up our capital city overviews with a look at the state of play in the top end’s Darwin and our national seat, Canberra.

Darwin

Just under 130,000 people live in Darwin.

Its population is projected to grow by about 2,400 new residents each year over the next decade. The city holds 48,500 private dwellings, of which just over three out of five (64%) are detached, with a further 20% being apartments and one in eight being semi-detached in nature.

The median house price sits at $513,000. Attached dwellings average about $400,000. House prices are rising at present, with latest figures topping the capitals, at just under 4% per annum. Apartment values are dropping slightly, with falls of around 0.5% per annum. New property prices are rising, up 3.1% on this time last year.

There are just 130 properties for rent across the city, which equates to a 0.5% vacancy rate. Average gross rental yields are around 6% for both detached houses and attached product. Just on 90% of Darwin’s renters pay less than 30% of their income on rent.

Two-fifths of the city rents their accommodation, whilst another 18% own their homes outright and 37% have a mortgage.

There are 2.7 people on average per dwelling. One-fifth of the city’s residents live alone. Another 27% live as couples without children at home. About 45% of Darwin’s homes have children living in them. Two-thirds of the city’s dwellings have three or more bedrooms.

At present there are just over 700 houses and nearly 500 attached dwellings for sale across Darwin, which is 26% less than late 2011 – the most impressive drop for all the capitals.

And on that note, Darwin’s dwellings prices are expected to increase by between 4% and 5% per annum over the next three years.

And did you know that 68% of Darwin’s residents were born in Australia and that just 4% of the city’s workers travel to work by public transport. Close to 1,300 established houses sold and settled in Darwin over the past twelve months.

Canberra

Just over 360,ooo people live in Canberra.

The city holds 69,000 private dwellings, of which three out of four (76%) are detached, with a further 11% being apartments and one in eight being semi-detached in nature.

The median house price is just over $600,000. Attached dwellings average about $420,000. House prices are falling at present, at about 1.7% per annum. Apartment values are holding up better than house prices, rising slowly to the tune of 0.9% per annum. New property prices are falling slightly, down 0.6% on this time last year.

There are just over 500 properties for rent across the city which equates to a 1.1% vacancy rate. Average gross rental yields range from 4.5% to 5.5% respectively for detached houses and attached product. Just over 93% of Canberra’s renters pay less than 30% of their income on rent.

Just under 30% of the city rents their accommodation, whilst just under one-third own their homes outright and 39% have a mortgage.

There are 2.6 people on average per dwelling. Just over a fifth of the city’s residents live alone. Just over 25% live as couples without children at home. Just under half of Canberra’s homes have children living in them. Four-fifths of the city’s dwellings have three or more bedrooms.

The time it takes to sell a property in Canberra has remained relatively steady, currently averaging 79 days. Most established homes are being discounted to help make a sale, but the average private treaty discount rate is about 5%. At present there are just over 2,300 houses and 1,200 attached dwellings for sale across Canberra, which is up 0. 3% on late 2011.

And on that note, Canberra’s dwelling prices are expected to increase only marginally by up to 1% per annum over the next three years.

And did you know that 76% of Canberra’s residents were born in Australia and that over 5% of the city’s workers travel to work by public transport. Just over 4,000 established houses sold and settled in Canberra over the past twelve months.

Data sources: ABS 6416.0 & ABS 3101.0; 2011 Census; BIS Shrapnel; Australian Property Monitors; RPData-Rismark & SQM Research.

…………..

Listen to me on Kevin Turner’s Real Estate Talk and his real estate show between 8am and 9am most Saturday mornings on 4BC1116.

Michael Matusik is the director of independent property advisory Matusik Property Insights and writes the  Matusik Missive which is free, however, reprinting, republication or distribution of any portion of this material, or inclusion on any website, is strictly prohibited without the written permission of Matusik Property Insights and may incur a charge.

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Michael is director of independent property advisory Matusik Property Insights. He is independent, perceptive and to the point; has helped over 550 new residential developments come to fruition and writes his insightful Matusik Missive


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