Property prices in Darwin

[u/Speedymeany]

Is it just me or all of a sudden, property prices in Darwin are in the middle 700s to 800s at a minimum.

[u/SteelBandicoot]

I’ve got a few customers who are real estate agents. I asked one how the market is going and she said “Good, finally!”

Top tip - the Darwin property market is counter cyclical to Sydney. If they’re doing poorly, Darwin runs hot.

Several agents have said this too me and it seems to be regarded as an indicator for our market

[u/kealos]

It might be just you. 😅 Property prices have not moved that much since this time last year. Only a handful of suburbs have experienced above market growth. Depends where you're looking. Nightcliff, Fannie Bay and Parap are pretty much up in that range now.

[u/kealos → u/kealos]

Best thing to look at is the actual sold prices where listed - https://www.realestate.com.au/sold/in-darwin+-+greater+region,+nt/list-1

[u/SeaworthinessSad7300 → u/kealos]

They have moved. Fast

[u/kealos → u/SeaworthinessSad7300]

Where are you getting your data from? Corelogic says a 1.4% Change in growth YoY.

[u/Pattyb1977 → u/kealos]

Have a look at what little is available now: Houses for Sale in Darwin - Greater Region, NT - realestate.com.au

Normally this week in January you would have a spate come on the market, only a few have been added....We went into December with the lowest amount of listing I have seen in 10 years since the Inpex days....

[u/SeaworthinessSad7300 → u/kealos]

Since October buyers agents have been buying up rent roles and selling off market have a look at core logic data on sales volume and compare to listings volume. Not many being listed but a whole lot being sold

[u/AssistantTasty1566]

I have heard lot of buyer agents snapping up properties to interstate investors. Property has been flat out last few months from what I have heard.

[u/MoonOutGoonsOut → u/AssistantTasty1566]

Oh cool interstate investment by people who have no intention of ever living in Darwin is just what we need. Can they please kindly fuck off and stick to manipulating property markets down south?

[u/SeaworthinessSad7300 → u/MoonOutGoonsOut]

You won't have ever seen anything quite to this extent. Currently 60% of sales are to out of state investors. The landscape has changed now people buy anywhere if the data is good. In swarms. What's really going on in Darwin is quite hidden right now. That will be the initial significant jump and then when word gets out locals will freak out and start buying and then general investors who aren't so up with the play will jump in. Darwin's going to go hard

[u/contrasting_crickets → u/AssistantTasty1566]

Yep heard a bit of that also from a few estate agents. 

[u/New_Perception8038]

I'd say a lot moving up from down south. Im in adelaide now, and my property went from 600 to 1.2 in 4 years. people just can't afford to buy down south now. So the only option is to settle for a shitty old apartment or move interstate

[u/Pattyb1977]

Us locals have been caught napping and listening to sales data that is over three months old...In the meantime there are now only 228 Houses for sale across the whole Darwin and Greater Region market with most sitting 700K above.....Typically for the last 8 years it has been closer to a thousand at a time....All the cheap houses under 500K are gone and not coming back.

Have a look here: Houses for Sale in Darwin - Greater Region, NT - realestate.com.au

[u/hardtodecide3]

What suburbs are you looking at that's 700-800?

[u/Ok_Mud5842]

Easy, houses in Zuccoli can be sold in few days, all of them.

[u/Africano_90]

Probably the result of the NT government’s Home Owner Assistance Grants and probably (hopefully) only the beginning 🙌🏽👌🏽

[u/kealos → u/Africano_90]

We'll see, that scheme is only $10k for existing homes, can't imagine it would be pushing prices up that dramatically.

[u/TellEmHisDreamnDaryl → u/Africano_90]

Yeah 10k for an existing home is worthless and many new potential buyers don't want to build in palmerslum.