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Darwin’s market slows coming into the wet season

Property Market Darwin NT Median House Price Q2 2011

It’s the end of another financial year and to say 2010/11 was a tough year for the real estate profession would be an understatement!

Sales volumes for the Territory were down 22 percent on house sales and 31 percent on units / townhouses from the previous year. For ‘Overall Darwin’, which includes inner Darwin, Northern Suburbs and Palmerston, volumes were down 27 percent on house sales and 32 percent on units / townhouses.

Financially it has also proved to be a tough year with total sales values across the Territory at levels not seen since 2004/05 with houses down 24 percent and units / townhouses down 28 percent.

That being said, the June 2011 Quarter has shown some encouraging results for house sales across the greater Darwin region with sales volumes up 26 percent. Despite this however the median price has declined by 6.3 percent to $515,000 over the June quarter – close to the levels experienced in 2009. Overall, when compared to this time last year, the median has declined by 7.2%.

However it is not all bad news on the median house price front.  Median house prices for Darwin’s Inner suburbs have experienced an increase in the June quarter of 5.3% to $800,000 – a total increase of 7% when comparison to 12 months ago.