Australia’s northern most capital, Darwin, has suffered a slight decline in median housing prices over the last 12 months, though the tropical metropolis is seemingly on the rise again, with an increase of nearly 1% over this last March quarter. With Kakadu National Park neighbouring to the east, many suburbs have been showing great signs, like metropolitan Ludmilla, across from the Darwin International Airport, where auction clearance rates on houses have reached an amazing 100% over the 12 month period. The western regional suburb of Johnston is also looking promising, with $1.8 million as the highest recorded price paid over the year.
There is as unregulated marketplace across the Northern Territory, including Darwin, allowing real estate fees to be set at any price. This means real estate fees are dictated by supply and demand, with metropolitan and CBD adjacent suburbs, like the opulent Larrakeyah, typically having lower real estate fees, caused by high property prices and greater competition amongst agents. The regional outer suburb of Muirhead, on the coast to Darwin’s north, is similarly affected, where lower property prices and agent density tend to cause higher real estate fees.
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