Darwin's housing market managed to beat its recent record highs despite the impacts of the COVID-19 outbreak on prices last year. Will it be able to maintain its position this year?
According to the latest report from Domain, house and unit prices have registered respective increases of 2.3% and 0.6% over the final quarter of 2020.
House prices have reached their highest level in two years at $533,845. Unit prices also posted their strongest annual growth in four years, up by 7.5% to $285,539.
The city's housing market has benefitted from the government stimulus, low interest rates, and the successful containment of the COVID-19 outbreak, all of which increased buyer demand.
"The sustainability of the property market rebound hinges on continued population and economic growth," the report said.
However, it is crucial for Darwin to further improve its employment prospects to continue to draw interstate buyers and retain those already in Darwin.
Recently, the Northern Territory government announced the extension of its BuildBonus grant scheme, which will continue to provide cash grants until March.
Michael Gunner, chief minister of the Northern Territory, said the grant has also presented a substantial number of opportunities for tradies and said that he expects more work to flow this year due to the grant's extension.
“The territory’s real estate market is booming for the first time in years, and we want to capitalise on this opportunity and make the territory the best place to build and own a home,” he said.
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