Darwin property downturn returns: CoreLogic & JLL

Darwin continues to show relatively soft housing market outcomes, according to CoreLogic head of research Tim Lawless.

National housing market conditions continued to improve through June, although on a quarterly basis, every capital city housing market recorded a drop in value.

The largest falls over the past three months were recorded in Darwin (-3.6%).

The Reserve Bank of Australia delivered its decision today from Darwin, the first time it's done that in 50 years.

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Nationally, rents remained unchanged over the month after tracking 0.3% higher over the June quarter and 0.4% higher over the financial year.

The largest annual fall in rents over the year can be seen in Darwin (-4.7%).

According to JLL, a population outflow following the wind-down of several mining investment projects has left the NT economy and property market weak.

JLL's Capital Value Cycle chart placed both Darwin Apartments and Houses in the Dowturn section, with Darwin houses appearing further along in the segment, nearing the Bottoming category (pictured below).

Their data shows that sales for both detached houses (-1.9%) and attached dwellings (-4.3%) have lagged over the year to March.

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