Darwin Property Prices Continue to Fall
Wednesday April 29, 2009
Inner city property prices and sales in Darwin have fallen in the last quarter according to data released on Tuesday from a Northern Territory Real Estate Institute.
Median house prices in Darwin suburbs of Fannie Bay, Parap and Stuart Park fell by 9.8 per cent in the March quarter and the median price for these upper-class suburbs is now $642,000.
The survey also showed that the number of houses sold in the same area dropped 13.3 per cent.
Real Estate Institute head Ryan O'Hanlon said that purchasers were not looking at the moer prestigious suburbs as investments in the current economic climate.
"Investors are still coming into the market," he told the Northern Territory News. "But at this stage of the economy people are probably looking ... at the lower end of the market.
"The inner Darwin area obviously is more on the water, it's more of a prestigious market, it's at the top end of the market. House prices are well and truly well over the $1 million mark."
The data also showed that sales of houses lowered by 30 per cent across the Northern Territory in the last quarter.
Tennant Creek was had the most dramatic decline with a sales decrease of 45 per cent, followed by Darwin northern suburbs at 39.4 per cent, and then the rural region followed with 21.3 per cent. But sales numbers were up when compared with last year's March quarter in most areas.
If you would like to know more about properties in the Northern Territory you can visit Darwin Real Estate.
