Darwin’s property hot spots revealed – realestate.com.au

News Corp Australia Network

Darwin’s hottest property markets have been revealed with Stuart Park topping the list for most sales in the past year.

According to the latest REA Market Trends report, 125 properties sold in Stuart Park in the 12 months to the end of April.

Coming in second with 117 sales was Rosebery followed by Nightcliff, where 110 homes exchanged hands in the past year.

Rounding out the top five were Durack (100 sales) and Bakewell (99 sales).

Local real estate agent Chris Clarke, of Real Estate Central, said some of the high sale volumes could be attributed to the population size of the suburbs.

Stuart Park has a population of 4101 according to the latest census figures, while Rosebery is home to 4127 and Nightcliff 3884.

There are 3740 residents in Durack and 3091 in Bakewell.

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In Stuart Park, 87 of the sales in the past year were unit sales, which Mr Clarke said was no surprise.

“As interest rates have gone up and borrowing capacity has come down, people may be a little gun shy and potentially looking for lower risk options such as units,” he said.

“You’d assume a lot (of properties that sold) were investments as well.”

REA data shows the median house price in Stuart Park is $799,500 while the median unit price is $435,000.

Mr Clarke said Stuart Park’s proximity to the city would have also helped it get to the top spot.

“Stuart Park is virtually city living without being in the CBD,” he said.

Mr Clarke said Nightcliff being in the third spot was also likely due to the number of units available in the suburb.

“When you consider unit living there’s only three or four suburbs that you can pick from – the Darwin City/Larrakeyah area, Stuart Park and then really it’s only Nightcliff,” he said.

“Units are still cheap compared to what they were seven or eight years ago.

“Rents are back up as high as they were during the Inpex gas boom but unit prices are a far cry from what they were.”

The three remaining suburbs making up the top five hot spots were family-orientated locations in Palmerston.

Mr Clarke said Rosebery and Durack offered buyers modern homes in a market where land and new builds were scarce.

These suburbs were also cheaper than recently established areas in the northern suburbs, such as Lyons and Muirhead.

The median house price is $730,000 in Muirhead compared with $560,000 in Rosebery, $557,500 in Durack and $472,000 in Bakewell.

TOP SUBURBS FOR ANNUAL SALES

1. Stuart Park – 125

2. Rosebery – 117

3. Nightcliff – 110

4. Durack – 100

5. Bakewell – 99

6. Zuccoli – 89

7. Rapid Creek – 89

8. Leanyer – 88

9. Parap – 85

10. Larrakeyah – 84