Darwin home owners selling up in nation's 'strongest property market'
Darwin is the only Australian capital where house prices are still rising, but some property researchers says the market could soon turn.
Darwin's housing market is bucking a national property price decline, with house prices up 0.3% according to Cotality's head of research, Gerard Burg. Darwin ranks third most expensive city to rent a home, behind Sydney and Perth. Lisa-Joy Cron, who bought a Palmerston home in 2010, is considering selling now for a potential profit.
Burg warns Darwin's market could turn if interest rates rise, but notes the city is the only capital with rising house prices due to limited supply and years of slow building. Real estate agent Kerri-Ann Laurence has seen an uptick in listings but notes the market remains low historically. Interstate investors are easing as prices rise, but Laurence expects the market to remain on an upward trend.
The Top End city's median dwelling rental cost rose by 11.6% year on year, and with tight vacancy rates, purchasing a home under a mortgage may be cheaper than renting in some locations.
Written by urgent.news from ABC News AU's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
