Sky high rents and cheap houses. Here's what's happening in the NT property market

While Darwin rental prices have been steadily increasing, the NT capital remains the cheapest place to buy in the country.The NT's peak real estate body says the territory needs more affordable housing to drive up demand.

After months of no traction, increasing interest rates, and chipping in almost $1,000 a month for associated costs, Ms Searle and her partner decided to cut their losses.Darwin remains the cheapest capital city to buy in the country, with median home prices at just over $490,000, PropTrack senior economist Eleanor Creagh said.

"And with rents going up ... in the long run with capital growth, it's better for the buyer to purchase a home instead of renting."However, Aswin De Silva, chief executive of REINT, the NT's peak real estate body, says the "property market is currently facing major issues".He said house prices have remained stagnant since 2022, and in regional centres like Katherine and Alice Springs prices "have taken a beating".

And to make matters worse, he said a scarcity in affordable homes meant people aren't coming to the territory to invest."Nobody's going to stay here if rent rates are high, and there is no affordable housing," he said. "This is a bold plan that will help boost our population, retain skilled workers and stimulate construction," CLP leader Lia Finocchiaro said.

Source: News Formal (newsformal.com)

Darwin Alice Springs Market House Home Money Cost Of Living Real Estate Interest Rates

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