It's a Buyer's Market in Darwin
While Darwin’s stock prices have dropped slightly over the last 12 months, a silver lining has appeared in the shape of first home owners and interstate investors who are looking to take advantage of the market affordability.
These savvy shoppers are snapping up properties for as little as $300,000 and are ready to sit tight for the foreseeable future until the market turns, which experts believe it inevitably will. The average property in Darwin is currently sitting at around $480,000 which is down 7% from the same time last year.
This means that those who are willing to wait it out so as to capitalise on the long term capital gains will definitely be sitting pretty in the future. Here are some suburbs to look further into, if you are thinking of making a move within the top end.
Ranked as Darwin’s #1 suburb, Stuart Park is definitely a popular choice for locals who enjoy the best of what Darwin has to offer in this little slice of inner city living. Stuart Park achieves steady growth with the last 12 months recording an increase of 3.5% with the average dwelling selling for around $750,000 which is at the top end of Darwin’s market. Rental demand is average however those who have snapped up an investment property achieve around $650/week.
If a laidback lifestyle on a bigger piece of land is what you’re after, look no further than Humpty Doo which is its own piece of paradise. While still close enough to benefit from Darwin’s amenities, this spot is perfect for families who want a bit more space with many locals living on 5 acre blocks. The average sale price for houses in this area is $573,000 and annual growth is slightly under 2%. Rental demand is increasing with the median dwelling now attracting almost $500/week from tenants who enjoy the benefits of urban living.
Houses in Karama are still very affordable with the average dwelling fetching $457,000 and tenants coughing up $450/week to live in this burgeoning area. Rental demand is average but the rental yield is decent at 5.1%. A suburb for the astute investor as while the annual growth isn’t amazing currently, it is tipped to turn around due to its proximity to every possible amenity required for the modern lifestyle. A prime location which will likely boom in the future.
Locals love this little piece of paradise which is still very affordable, making it a popular choice for families, professionals and retirees. It’s close to amenities, is considered safe and has a lovely community spirit which has helped it achieve its demand with the locals. Houses are being snapped up for around $485,000 and the tenants are paying on average $500/week for a local rental. Rental demand is increasing and yielding 5.4% so if you are thinking about investing, add this suburb to your watch list.