Darwin apartment values to increase 1.3 percent in 2017

Darwin apartment values to increase 1.3 percent in 2017
Darwin apartment values to increase 1.3 percent in 2017

Price growth in Darwin's detached housing market is expected to fall 1.3 percent this year, with apartment values to increase by 1 percent, according to the CoreLogic-Moody’s Analytics Australian Home Value Index Forecast, 2017Q1.

The report said the downturn of the mining industry has pushed values down 11 percent from their peak in 2014. 

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Darwin apartment values to increase 1.3 percent in 2017

"The recent rebound in commodity prices will support incomes over the short term," it said.

"Apartment values rose in the four consecutive months to January, with growth over the previous year averaging around 8.2 percent.

"Meanwhile, detached-home values fell for 23 consecutive months.

"The trough for home values will likely be reached at the end of this year, but overall mining investment will remain sluggish, so Darwin’s property market—both apartments and detached houses—is unlikely to rise sharply over the coming years. 

"Adding to the state’s difficulties is a rapidly ageing population which reduces the working-age population, meaning the average unemployment rate of 3.8 percent in 2016 obscures issues in the labour market.

"The outlook remains downbeat, as the rise in commodity prices is unlikely to boost investment activity."

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Darwin Apartment Market

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