Darwin’s median price went on a roller coaster ride as it tracked up and down over recent years, according to Herron Todd White’s March issue of Month in Review.
The median price was at $493,750 in December— down from its all-time high of $625,000 in March 2015, according to Real Estate Institute of Northern Territory (REINT). The current median is mainly driven by prices in Darwin Inner, Darwin North and Palmerston.
December quarter statistics from REINT revealed that Darwin inner median prices ($675,000) were higher than Darwin North’s and Palmerston’s. Darwin North came in second ($556,667) and was followed by Palmerston at $447,000.
However, the number of recorded sales was higher in Palmerston at 111 than Darwin North, with 96 over the December quarter.
“There should be a greater disparity between the two suburbs given there is a median price difference of $100,000. However, the northern suburbs present many positives in terms of living,” said the report.
What are these factors? First, the proximity to the coast in a tropical climate – the sea breeze becomes a selling point. Given the number of people who fly in and out, the proximity to the airport is also a positive. Lastly, easy access to Darwin CBD is a plus factor. For many northern suburbs, the travel time is approximately 10 to 15 minutes into the city.
These incentives that go with living in the northern suburbs justify that there is currently great value on the market.