Darwin city
City of Darwin. Photo – Canva
  • In Darwin itself, prices peaked at $1M in early 2010, but were under $600K by Easter 2012
  • By mid 2020, the median 3-bedroom house asking price had fallen to $400K
  • Recent records of $720K median prices show the market may be on a sustained upswing

After a decade of mainly falling house prices in the Northern Territory’s capital, it looks like prices are stabilising, and possibly moving upwards again.

Taking a longer-term view, and zeroing in on the postcode for Darwin itself (postcode 0800) shows the following result:

Taking 3-bedroom houses as an example, we can see that prices peaked at around $1M in early 2010, only to tumble to under $600K by Easter 2012.

From there, things recovered somewhat levelling off around $650K during most of 2013 through to 2015, from where they dropped again all the way through to mid-2020. By this time, the median 3-bedroom house would cost just over $400K.

Outlying results on low data sets can throw off the chart, so the huge jump back to more than $720K by the end of 2020, and into 2021 may seem an anomaly. However, five months of data showed the same result.

Taking a broader view for the whole of Darwin, we can extract a more evened out trend, where the housing and unit markets were ebbing their way through natural tos and fros.

January 2010 certainly looks like a peak of one cycle, and January 2014 another one.

In between, dips at the end of 2011 and again early 2020 can be seen. The 2014-2021 period is a longer cycle, and looks like it has not played out yet. House and unit prices in the greater Darwin area seem to have bottomed out in 2020, and are on a general upswing now.

How long this will go on for, and whether this is a false dawn, only time will tell.

~~

Before investing in any asset, please do your own independent research, taking into account your own personal financial situation. This article does not purport to provide financial advice. See our Terms of Use.

You May Also Like

Melbourne median house price jumps to highest level ever

REIV has recorded a sharp 9.5 percent increase to Melbourne median house prices

National property market in clear recovery mode: Core Logic

As we move into 2021, the property market is showing positive signs…

2020 in Review: Darwin

Despite having previously been in the middle of a correction, Darwin has bounced back to have the highest level of growth in any capital city since the Covid-19 Pandemic began.

$35m of Gold Coast property sold at auction event “best ever”: Ray White Surfers Paradise CEO

315 registered bidders over the weekend attended the highly successful auction event…