Regional NT December 2017

The month in review: Regional NT

By Herron Todd White
December 2017

Alice Springs

Well it’s been another quiet year in the Alice Springs residential space, however as predicted earlier this year we have seen the market continue to stabilise throughout 2017. Notably, we have seen transaction numbers increase off the lows of 2016 (363) up to 401 sales for the 12 months to September 2017. While these number are well off the peak levels of 700 plus in the years up to 2009, at lease it’s a move in the right direction.

As expected the bounce in sales numbers came from single dwelling sales, rather than units, which continued to show a reduction within this segment, the poorest performer in recent times, and now has a compound annual growth rate in the median unit price of 2.95%, compared to the single dwelling market at 4.7%.

We have seen first home buyers make a tentative return to the market, although not in any great numbers. Subsequent home buyers still dominate the market, investors are still in a minority and new dwelling demand is still at generally low levels.

Overall it was a generally flat year, with our predicted continued stabilisation playing out as thought and an improvement on 2016.

It was a different story for Tennant Creek however, which continued to decline in 2017 after successful performances up to 2014. The median (12 months) price to September 2017 showed the third consecutive year of declines, this time with a drop of 10.78%. In this location there have been fewer investors and the home occupiers only out for the bargains.

Share on:

DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.