Greater Darwin house prices hit a record high

Darwin house prices have risen to a record high of $612,000, according to the Real Estate Institute of Northern Territory.

The real estate local market report reveals Greater Darwin houses rose 3.4% in the June quarter and have increased 7.4% when compared to the same time last year.

REINT chief executive Quentin Killian says it’s a new record for Greater Darwin.

“It’s the highest it’s ever been,” says Killian.

The median unit price in Greater Darwin rose in the June quarter to $464,000, a 9.2% increase.

The median unit price has jumped 6.7% when compared to the same time last year, to $454,000.

Median weekly rents in Greater Darwin have also increased when compared to last year.

The median weekly rent for a three-bedroom home jumped 17.1% annually to $656. 

The median weekly rent for a two-bedroom unit has increased 18.6% annually to $485, but yields fell from 5.8% to 5.4% due to rising prices.