Darwin

 

The Smartline Report – March Edition

 

The month in review: Darwin

By Herron Todd White
March 2016

What suburbs are undergoing a metamorphosis? Currently there are various suburbs receiving minor updates and construction of retail infrastructure. The notable updates within the Palmerston region are the Goyder Square upgrade and the new Woolworths centre being constructed on the corner of Lambrick Avenue and Chung Wah Terrace in Bakewell. The Goyder Square update, in the heart of the Palmerston CBD has recently been completed presenting well and designed to accommodate the Palmerston markets held over the dry season. The Woolworths centre is expected to be completed in March 2016 and will comprise a Woolworths Supermarket, Woolworths Petrol, fast food restaurant and approximately nine specialty stores with Woolworths leased as an anchor tenant for 20 years after completion. The suburb of Johnston has become a noteworthy area with steady sale prices achieved. The reported median house price is up by 31% from the previous quarter. However, this does equate to a mere four sales within the suburb, down 33% from June figures (REINT, September 2015).

Closer to the Darwin CBD a fairly dated complex which could be seen from the Stuart Highway has been demolished within the suburb of The Narrows. The complex is to be replaced with modern, medium density living.

These updates are limited in any effect that they may have on property values around Darwin due to the current market downturn. In summary, the foreseeable future for the Darwin residential market is weak. The First Home Owners Grant being pulled from established dwellings appears to be having a continuing effect on the market with decreased sales volumes and prices achieved. The REINT September quarter reports a decrease in sales volumes of 29% for the whole Darwin region, year on year. However, it is evident that demand for residential construction remains steady.

It is not all doom and gloom as every stage of the market cycle presents opportunities. For those willing and able to purchase property within the established stock there are undeniable opportunities for good buying

 

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Please note that information in this publication is subject to change without notice. Smartline assumes no responsibility for any errors, omissions or mistakes in this document. © Smartline Home Loans P/L 1999 – 2016. Australian Credit Licence Number 385325

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