Here’s what’s happening in the Darwin property market according to Corelogic’s Decile report.
The report provides a detailed analysis at different levels of Australia’s property market by dividing the market into ten equal groups (or deciles) based on tiers of property value.
By analysing changes in dwelling values across each decile, the report identifies which parts of the market are over or under performing relative to the headline trends, summarising property market conditions nationally and across each of the capital cities.
Darwin dwelling values increased by 0.7% over the three months to April 2018.
Although values were higher over the past three months they were -7.7% lower over the past 12 months.
Darwin dwelling values are currently -21.1% lower than their historic peak which occurred all the way back in May 2014.
Over the past three months each of the 1st, 2nd and 3rd deciles recorded a decline in values as well as the 10th decile.
Given this, the data indicates that there was weakness in values across the lower valued housing stock as well as the city’s most expensive stock.
Each of the 4th through to 9th deciles recorded value rises, with the 6th decile experiencing the greatest quarterly value increase.
Values have fallen over the past 12 months across each of the 10 deciles in Darwin. The most substantial declines were recorded across the most expensive 10% of properties followed by the 3rd decile.
The 6th decile recorded the most moderate annual value decline and was the only segment in which values fell by less than 4%.
The greatest value gains over the past three months were for properties with a value between $433,609 and $472,188 while the greatest declines were for properties valued below $276,874.
Over the past year, the most moderate declines were for properties currently valued between $433,609 and $472,188 and the largest falls were for properties with a current value in excess of $653,335.
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