Housing markets across the Northern Territory continued to see recovery after they recorded gains in both sales and median prices during the September quarter, the latest market report from the Real Estate Institute of the Northern Territory (REINT) shows.
Sales of detached homes across Greater Darwin increased by 2.5% over the quarter, pushing prices slightly upwards by 0.5% to $480,000. Compared to last year, prices in the region during the September quarter were 4.3% higher.
Greater Darwin's unit market was busier during the quarter, reporting a 34.6% gain in sales. Unit prices in the region increased by 7.1% to $300,000.
Inner Darwin and Palmerston recorded gains in both sales and median price for the two housing segments.
However, the median price for both detached homes and units in some areas declined despite the strong turnout. For instance, median prices in Alice Springs declined by 4.6% to $450,000 for houses and 11% to $300,000 for units during the quarter. These were despite Alice Spring’s 72.5% growth in detached home sales and 30% gains in unit sales.
According to the report, this could be due to a larger number of sales occurring in the $350,000 to $450,000 bracket and below $350,000.
Still, the growth in sales activity across Northern Territory indicate a healthy housing market, said Quentin Kilian, CEO of REINT.
"The September 2020 quarter was one of the most exciting in the last three years with sales volumes increasing across almost all areas of the territory, and the median price moving up in both detached dwellings and units,” he said.
