Hi all,
Ive been searching for the stats on darwin CG and cant find too much. Ive done the search on google which is giving me conflicting stories. one says that units/townhouses are down 11% and others are saying prices are up 5.6%. I have an IP in Larrakeyah, so does anyone have any numbers for that area?? any help or advice would be greatly appreciated.
Thanks
shaunShaun,
Presumably you’ve read this one, but I’ll paste it anyway. It annoys me too when I see different figures- guess the RE agents use the higher figures to sell. but Domain.com.au, API mag and the REI’s of Australia often have differing figures- grrr.
kay henry
http://www.propertyreview.com.au/archives/17122003/residential/17122003003.html
Price growth, market softens
The housing market was already beginning to soften before the two recent interest rate rises, according to September quarter 2003 figures released by the Real Estate Institute of Australia.
The REIA says the September quarter figures confirm that while there was continuing price growth, the rate of growth in median house prices was slower compared with the June quarter 2003 rate of growth in Sydney, Melbourne, Brisbane, Adelaide and Canberra.
A similar comparison of annual price growth rates showed that median house price growth had eased in Sydney, Adelaide and Canberra,” President of the Real Estate Institute of Australia, Kareena Ballard says.
Quarterly growth in median house prices in the September quarter 2003 ranged from 1.1% in Sydney to 9.2% in Hobart, whilst annual growth ranged from 3.4% in Darwin to 30.7% in Canberra.
Indications of weakening residential prices were even more pronounced in the flats/units/townhouses sector of the market. A comparison of percentage price changes between June quarter and September quarter 2003, and between September quarter 2002 and September quarter 2003, showed a softening for Sydney, Brisbane, Adelaide, Canberra and Darwin.
Quarterly growth in median flats/units/townhouses prices ranged from -11.9% in Darwin to 39.6% in Hobart, while annual growth ranged between -1.4% in Darwin to 85.4% in Hobart.
“Since the close of the September quarter 2003, there is anecdotal information from many Real Estate Institute members in most States noting that attendance at open houses and auctions has declined markedly since the two interest rate rises.
“We urge the Reserve Bank to exercise caution and wait until December quarter 2003 figures are available before considering further interest rate rises. It is important that the response on interest rates is appropriate to what is actually happening in the marketplace,” she says.
Hi there,
I read in the paper up here something around the region of 3.4%, but it was a couple of months ago and I think it was statewide? But not totally sure.
Regards,
Brent1
Thanks for that, its just that i have to refinance, and was hoping to have a ball park figure how much prices had increased. i can understand -11.9% for darwin but that would only be for certain areas, as larrakeyah is one of the better suburbs i would have thought prices had increased, not declined. oh well i will just have to keep looking. i will ring some RE agents in darwin and see what they say.
cheers
shaunI’ve just spoken to a couple of RE agents in darwin (i should have done that first… duhh)
anyway brent1 is correct they reckon its now worth an extra 5 – 10 grand which is around 3.4%
so thanks everyone for your help!
cheers
shaun
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