Published on September 3rd, 2012
Darwin is hot property
It has caught the eye of investors' months ago, but now new data proves that Darwin is hot property when it comes to residential land real estate
The Northern Territory capital was named Australia's best-performing capital city, according to new statistics from RP Data.
The RP Data-Rismark August Hedonic Index recorded a 4.2 per cent increase in property values in Darwin based on year-on-year figures.
While Sydney and Melbourne recorded 0.1 per cent growth during the same period, it seems that flat winter sales may be a sign that the spring selling season is going to be bigger and better than previously thought.
RP Data research director Tim Lawless said the figures were an encouraging result for those in the real estate sector – and good news for vendors.
"Spring is going to be better than last year,” Mr Lawless commented in an official statement.
"This is the first time that we have seen total listings across the capital cities the same as they were last year."
Another indication things may be improving is the fact that there are now lower listings in most capital cities, which means that property prices may soon go up as competition for dwelling spaces increase.
Homes are also spending less time on the market due to a decrease in listings and turnaround in buyer attitude.
RP Data research shows that listings in November last year were roughly 30 per cent higher than they are at this point in time, with experts predicting that figure will only improve.
While it is too early to predict whether or not the real estate sector is experiencing the beginnings of a full recovery, it would appear that sale figures are on track to continue moving in that direction.