Darwin’s real estate market has continued to experience weak conditions, according to Herron Todd White (HTW).
Sales and median prices in all Darwin suburbs has dropped since the start of 2019, with markets both residential and commercial, dwellings and units, experiencing the fall.
“We have seen some big reductions, especially in the Darwin CBD,” HTW said.
Median unit and townhouse prices fell 40% from $565,500 in March 2015 to $330,000 in March 2019, according to the Real Estate Institute of Northern Territory (REINT).
Unfortunately, heavy reductions are not exclusive to Darwin. New lending for investment dwelling in the country is at its lowest since 2011, the Australian Bureau of Statistics (ABS) reported.
Lending purchase or construction of a new home fell to its lowest level since 2013.
In the Northern Territory, lending to households dropped 17.8% year-on-year, with Victoria and New South Wales falling 15.4% and 18.9% year-on-year, respectively.
Nearly all states had experienced the downturn, except Tasmania.
“The silver lining is that we are now in a period of market affordability; the dream of owning a home or unit is now realistic for Territorians,” HTW said.
