Darwin home owners who’ve taken a long term approach to their property have done very well indeed over the long term.
A groundbreaking report by Aussie Home Loans and CoreLogic reveals which Darwin suburbs have delivered the strongest property price growth since 1999.
Overall, house values in Darwin have risen by an average of $17,900 annually over the past two decades, taking the median value from $156,000 in 1999 to $496,500 today. Apartments have seen slower – though still respectable growth, averaging $9,400 per annum, with the current median value sitting at $334,400.
But if you think those growth rates sound good, CoreLogic estimates that the median house value in Darwin could top $2.28 million over the next quarter century with apartments reaching $917,000!
The big growth suburbs
Across the greater Darwin area, Bakewell in Palmerston has secured the top spot for long term price gains. Back in 1999, buyers could pick up a house in Bakewell for just $47,000. Today the median house value is $422,500 – that’s a huge gain of 799% since 1999.
The runner-up for price growth in Darwin is Rapid Creek, where the median house value has skyrocketed from $180,000 in 1999 to $700,000 today – a total gain of 289% or an average of 7.4% annually.
Houses dominate over units
Looking at the top 20 suburbs for value growth since 1999, it’s clear that houses have led the field.
Only one Darwin suburb has made the top 20 for apartment price growth, and that’s Rosebery in Palmerston. Here, it was possible to pick up a unit for just $139,950 back in 1999. And what a good investment it would have been with the current median value for units in Rosebery sitting at $320,000.
Interestingly, the Aussie/CoreLogic report notes that between 2004 and 2007 Darwin house values were rising at more than 15% per annum, however the Top End capital has experienced weaker property market conditions over the past four years.
None of us know what the next quarter century will bring, but the price you pay for your Darwin home today could potentially be dwarfed by its market value in the future.
Discover which suburbs across Australia have been the top performers over the past 25 years by viewing the full Aussie/CoreLogic 25 years of housing trends report or contact your Aussie Broker for a free copy.
You may also be interested in Australia’s top performing suburbs for long term price growth, Which Adelaide suburbs have delivered the highest price gains?, Perth ranks high in nation’s hottest 100, Melbourne scoops top 100 suburbs nationally for price growth, Hobart homes deliver annual gains of $14,000 over the past 25 years, Queensland suburbs with the highest long term gains, Which New South Wales suburbs are on top for 25-year price growth?, and Which ACT suburb ranks in Australia’s top 100 for value gains?