Territory Stories

Sun newspapers Wed 14 Nov 2012



Sun newspapers Wed 14 Nov 2012


Sun newspapers; NewspaperNT




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Community newspapers -- Northern Territory -- Darwin Region

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Nationwide News Pty. Limited

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Nationwide News Pty. Limited



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12 Sun Newspapers WEDNESDAY, November 14, 2012. Darwin houses ahead By VICTORIA CRAW From Down South IT may be a crocodile infested backwater to some people, but Darwin is a property powerhouse. The northern capital is the only city in Australia to record growth in median house prices in the three months to August, with a jump of 4.4 per cent, according to RP Data. Darwin outshone Australias largest property markets Sydney only managed a modest upswing of 0.7 per cent while Melbourne fell -0.6 per cent. Darwin over the past decade has absolutely phenomenally outperformed other capital cities, said Tim Lawless, research director with RP Data. Theres a very low population and unemployment, high population growth, and quite a diverse economy. A lot of people think its a big mining town but its got quite a lot of exposure to government spending, along with natural gas, mining and military. Darwin has also been the strongest performer over the past 12 months, again proving itself the only city in Australia to record growth in house and unit prices, of 4.4 per cent and 0.2 per cent respectively. Mr Lawless said property markets across the country were beginning to stabilise after a severe market correction from the 2010 peak. The low mortgage rates are starting to have a fl owthrough effect on the marketplace now. Theyre not really pushing prices higher, but it has been enough to curb decline, he said. The median house price has remained fl at in Canberra and Perth. YOUR LOCAL REAL ESTATE GUIDE