Darwin house prices dipping again: Domain
After recording strong growth last quarter, Darwin’s median house price dropped by 3.6% over the September quarter, to $593,329, according to Domain.
The result is 2.8% lower than the same time last year.
The median unit price is Darwin also decreased, dropping by 6.8% to $330,354 — 30.5% lower year-on-year.
Domain quarterly stratified median prices:
HOUSE | SEP 2017 | JUN 2017 | SEP 2016 | QOQ % | YOY % |
$1,167,516 | $1,190,677 | $1,079,309 | -1.9% | 8.2% | |
$880,902 | $869,598 | $773,399 | 1.3% | 13.9% | |
$551,840 | $552,874 | $531,767 | -0.2% | 3.8% | |
$519,517 | $520,846 | $498,971 | -0.3% | 4.1% | |
$554,095 | $561,391 | $567,314 | -1.3% | -2.3% | |
$723,980 | $693,962 | $655,468 | 4.3% | 10.5% | |
$409,592 | $392,170 | $356,916 | 4.4% | 14.8% | |
$593,329 | $615,670 | $610,510 | -3.6% | -2.8% | |
National | $819,455 | $823,381 | $758,367 | -0.5% | 10.8% |
Rental prices for both houses and units in Darwin have remained steady over the quarter, sitting at $520 and $400 per week, respectively.
Both the houses and unit figures remained steady over the last three months, the results do indicate a drop year-on-year – by 5.5% and 5.9% respectively.
"The drop of 30.5% in median unit prices year-on-year is indicative of the oversupply of apartments in the city," said Domain chief economist, Dr Andrew Wilson.
"This same oversupply is highlighted by the annual decrease in median rental prices and is expected to continue until demand and supply are rebalanced.
"Unfortunately, policies that are designed to restrict investor lending, are also impacting those apartment markets where supply is already well ahead of demand."
