House prices in some Northern Territory suburbs have surged by as much as 70% over the past three years, with the rural regions leading the charge, according to the latest PropTrack property data.
Humpty Doo has seen the biggest increase, with house prices climbing 70.6% since January 2022, bringing the median house price to $647,500. Virginia follows closely, with house prices rising 45.3% to a median of $777,500. Larrakeyah saw a 30.6% increase, bringing its median house price to $1.33 million, while Berry Springs experienced a 29.9% jump, bringing its median price to $615,000. Fannie Bay rounded out the top five with a 19.7% increase to a median of $952,500.
Real Estate Central director Daniel Harris noted that while these suburbs’ performances weren’t entirely unexpected, some significant sales had helped drive the price increases. “Humpty Doo, for example, wasn’t traditionally associated with million-dollar sales, but in recent years, there have been a number of them,” Harris explained. “People are now more willing to sell their up-market properties because the prices being achieved are more appealing.”
The price growth in Darwin’s rural areas is largely attributed to increased demand, especially after the COVID era, when many people sought more space and freedom. “Compared to other capital cities, Darwin offers the benefits of rural living while still being close to key amenities,” Harris added.
In addition, the low and mid-sections of the rural market are particularly “red hot,” with second-home buyers seeking larger properties as their families grow. On the high end, buyers are investing in their “forever homes.”
In the unit market, Millner led the charge with a 32% increase in median unit prices, bringing the price to $330,000. Rapid Creek followed with a 23.6% rise to $445,000, while Parap saw a 22% increase to $430,000. Karama and Coconut Grove also experienced price growth of 11.9% and 11.6%, respectively, bringing their median unit prices to $260,000 and $362,500.
Related Topics:
Real Estate Sees Growth Opportunities Thanks to Thriving Retail Sector
Industrial Real Estate Sees Rising Demand Amid Growing Economic Shifts
Precarious Recovery for Canada’s Real Estate Market Underway
