On Tuesday we looked at how Perth’s property market is bucking the national trend with property prices rising in 2012. Another major Australian city to record an average increase in property prices was Darwin.
Figures from RP Data show that Darwin recorded the largest home value increase over the year to December 31, rising 8.95%.
Capital growth for Darwin houses in December was 4.4%. House prices are up 7.6% for the year to a median price of $550,000 and the median house yield is 6.1%.
Aussie Franchisee Dick Grant, who is owner of Aussie Darwin, says both Darwin and Perth are perfectly placed to take advantage of Asia’s need for gas and iron ore.
“In Darwin, we are expecting an influx of around 6000 workers over the next few years to build the Inpex gas plant. Inpex and other mining companies are purchasing and leasing properties now for these workers.”
“A workers camp is also being constructed to house a lot of these workers, it is expected that many of these workers will integrate themselves into the community over time.”
“Darwin is already experiencing a very low vacancy rate and this is adding extra pressure on housing. The gas and mining boom is expected to go for anywhere between 5 and 15 years.”