- 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.