Positive signs for the property market

There’s been an increase in both demand and prices across Darwin this last quarter — according to a report released today by realestate.com.au.

But there are a handful of suburbs that are leading the way for the city.

Across Darwin, the most in demand suburb for houses is Nightcliff, and Fannie Bay is attracting the most demand for apartment-hunters.

In Nightcliff the median house price is $665,000, while in Fannie Bay it is over a $1 million.

Fannie Bay also comes in second place for most searched for suburbs for a house, while Bayview is the second most popular place to search for an apartment.

Median prices there are $485,000 and $815,000 respectively.

Property-wise, news for Darwin has been a bit stop-start in 2018.

But this quarter has it all seems pretty positive.

The latest data in realestate.com.au’s The Property Outlook shows Darwin has seen a positive spike in the key indicators.

And realestate.com.au’s chief economist Nerida Conisbee said that property demand in Darwin is bucking the national trend — with double-digit growth (11.8 per cent year-on-year).

This trend extends across both houses and apartments, at 10.7 per cent and 10.8 per cent respectively.

The city is second only to Hobart — when compared to all other capital cities.

“The market in Darwin is really up and down and this quarter it’s definitely up. Prices are up and also demand is up,” Ms Conisbee said.

Median prices are up 3.1 per cent over the last three months and experts say it is the interest in houses that is driving the overall growth, with prices up 6.3 per cent year-on-year.

While it’s expected that Darwin’s steady growth in prices will continue over the coming months, it won’t be an easy ride, as buyers and sellers prepare for the changing market conditions following the outcome of the Royal Commission.

Source:https://www.perthnow.com.au/lifestyle/real-estate/finally-some-positive-signs-for-the-property-market-ng-658c269be7c1810f9bfa918acb3f255d