11 April 2019|3 minute read
A new report by Aussie and CoreLogic lifts the lid on the Northern Territory’s most affordable suburbs.
Despite Darwin’s property values experiencing a substantial correction since peaking in 2014, no Northern Territory suburbs appear on the top 20 list of Australia’s most affordable suburbs for either houses or apartments.
In fact, a number of regional locations are experiencing rising prices.
Tennant Creek takes the title of the Territory’s most affordable suburb for houses, with a median value of $186,858.
A number of Katherine suburbs make the cheapest list, though in Katherine itself, values have jumped 8.3% over the last to a current median of $281,000.
Alice Springs is thumbing its nose at falling prices. The township’s cheapest suburb for houses is Sadadeen ($426,399), but in suburbs like Larapinta ($469,686) and Braitling ($476,621), property values have climbed more than 10% in the past 12 months.
Alice Springs is also the cheapest regional location for apartments. Check out the likes of Gillen, which tops the most affordable list with a median value of $273,609.
The past 12 months has seen a 4.9% lift in Darwin’s sales activity, and it appears that buyers are taking advantage of improved affordability, with the average time of a property on the market has decreased from 76 days a year ago, to 70 days now.
The most affordable suburbs are concentrated in the Palmerston region. Six of the 20 cheapest suburbs for a house have a median value below $400,000, with the cheapest being Moulden (median value $303,522).
The cheapest location for a house in Darwin itself is Karama, with a median value of $372,356. However, the most affordable suburb within 10km of the Darwin CBD is Alawa where a budget of $404,218 could secure a home.
Darwin’s unit market offers plenty of good buys, with ten of the city’s 15 cheapest suburbs having a median value below $300,000.
Head to Bakewell (in Palmerston) for the cheapest apartment prices, where a budget of just $230,317 could secure a home.
For buyers looking within 10km of the Darwin CBD, the cheapest suburb to buy a unit is Marrara, with a median of $242,198.
Talk to your local Aussie Broker for expert advice on the Territory home loan that’s right for you.