Darwin home sales have dropped in the past financial year, with Sydney once again the dominant performing capital city.
Dwelling values in both Perth and Darwin were down -0.9% and -2.9% respectively compared with the previous financial years. It’s not all bad though say Peter Kafkas
Darwin, with the northern capital recording the highest rental yields for houses at 5.8%
“The three tiers of housing market performance can be best explained by economic and demographic factors where it’s no coincidence that New South Wales and Victoria are recording the strongest economic conditions coupled with the strongest rates of migration which is fuelling housing demand,” Lawless says.
“These states are more sheltered from the mining sector downturn and have benefited from the strong multiplier effect of housing construction as well as a vibrant financial services sector.
“The Perth and Darwin markets are weakening in line with the downturn in the resources sector and an associated weakening in infrastructure investment and a marked slowdown in migration.
But it wasn’t all bad news for Darwin, with the northern capital recording the highest rental yields for houses at 5.8%. Brisbane units outperformed the rest of the country with grows rental yields of 5.4% for the financial year.
- Fannie Bay – 3-bed – 3.8% – $662,500
- Stuart Park – 3-bed – 1.7% – $597,500
- Larrakeyah – 3-bed – 1.5% – $657,450
- Bayview – 3-bed – 1.3% – $700,000
Data source: realestate.com.au/invest. Correct at as of September 2015.
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