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Darwin property prices

26 April 2016 by News Desk

Darwin property prices appear to reflect the city's expanding population as Darwin is Australia’s second fastest-growing city.

Darwin propertyThe average cost of a new home in the Northern territory capital is now $505,000, a fall of 1.8% compared to the price of Darwin property a year ago.

Darwin property construction has increased with 12% more homes currently for sale across the city than at the same time in 2015.

The average cost of a house in Darwin is $575,000 while the average unit costs $460,000.

In central Darwin a one-bed apartment will cost $369,000 with a two-bedroom property costing around $440,000.

Family homes in Darwin’s northern suburbs cost between $550,000 and $600,000. But it is possible to find properties as low as $520,000. Older 2-bedroom and three-bedroom apartments are currently available for under $500,000.

In the Palmerston suburb of Gunn, a 3-bed family home will cost around $525,000. In nearby Durack an older-style property with wraparound veranda will cost $550,000.

Darwin remains one of the fastest-growing capital cities in Australia and last year expanded by 1.9%, second only to Melbourne at 2.1%.

New Darwin property developments, including the satellite city of Palmerston, have contributed to strong growth around the city. Palmerston – South has recorded the fastest growth in the whole Northern Territory, growing by 22%.

Other areas that are growing fast include Howard Springs (up 17%) and Darwin City (9.5%).

Howard Springs’ population has increased by 810 people, followed by Darwin City (530) and Weddell (250), according to the Australian Bureau of Statistics.

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