Home price surges predicted for NT
Territory home prices are expected to surge by up to 107 per cent by 2030 if the pandemic price boom is replicated.
Exclusive PropTrack analysis forecasted strong growth across many Territory markets in the next five years, with homeowners predicted to see their properties increase in value by hundreds of thousands of dollars.
The top performer of 2030 was expected to be the Muirhead house market, with 107 per cent growth across five years and the median house price jumping from $730,000 to $1.512m, based on trends since the pandemic boom.
Meanwhile, Dundee Beach would likely see the average cost of a house hit $564,000, up 66 per cent from the current median of $340,000.
Sitting in third place was the Millner unit market, with the average sale price looking to shoot up 64 per cent by 2030, from $333,000 to $543,000.
Rounding out the top five were the Coconut Grove unit market, predicted to increase 62 per cent to $595,000, and the Nightcliff house market, up 61 per cent to $1.609m.
In regional NT, the top spot was taken out by Katherine East with the average cost of house expected to grow 52 per cent by 2030, from $330,000 to $501,000.
Ray White Darwin director, Andrew Harding said the suburbs expected to see the highest increase in price were of no surprise.
'In the Muirhead market, most the properties are selling below replacement value, so it makes sense those properties will double,' he said.
'Dundee Beach is fast growing as a Territory hotspot for holiday makers.
'While in Nightcliff, there have been sales over $2.5m, which has never happened before.
'When you factor in that new benchmark, $2m in Nightcliff will become the new normal before long.'
Mr Harding said with Darwin remaining the cheapest capital city in Australia with the highest rental yields, there was plenty of room future growth.
'Given the level of investment from interstate buyers at the moment who see huge value in Darwin, it's possible we'll see those predicted price increases,' he said.
'I think what we're seeing now is the calm before the storm.
'There's just over 500 properties for sale in the Darwin region, where normally that figure sits around 1300.
'Supply and demand is driving the market and we're seeing a fifty-fifty split between investors and owner occupiers.
'Anything below $650,000 is heavily first homebuyers and investor driven, and anything north of $1m is locals looking to upsize or downsize.
'The tricky space is between $700,000 and $1m, where there is very low supply and lots of people looking to buy, typically first homebuyers and families.'
Mr Harding said the high and low ends of the market offered buyers good opportunities to see capital gains.
'I think blue chip properties around the 0820, anywhere along coast with 800 sqm, you can't go wrong buying those homes,' he said.
'In the lower end of the market, properties around Gray, Moulden and Woodroffe will see good growth.'
NT PROPERTY PRICE PREDICTIONS – 2030
Suburb Property type Current med price 5 year % change Med price 2030
Muirhead House $730,000 107% $1,512,000
Dundee Beach House $340,000 66% $564,000
Millner Unit $333,000 64% $546,000
Coconut Grove Unit $367,000 62% $595,000
Nightcliff House $998,000 61% $1,609,000
Parap Unit $446,000 59% $710,000
Katherine East House $330,000 52% $501,000
Gray Unit $270,000 50% $405,000
Durack House $575,000 48% $850,000
Rosebery Unit $366,000 41% $515,000
(Source: PropTrack)
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