While Darwin rental prices have been steadily increasing... It's still the cheapest capital to buy in, with median home prices sitting at just under $500,000. Although prices rose marginally last month, Darwin’s market is growing at one of the slowest rates in the country. One expert says crime, a lack of affordable homes and a lack of opportunity is keeping demand in check.
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00:00From her new home in Adelaide, Justine has fond memories of the territory, but the challenges
00:07of selling her home are etched deep.
00:10No takers at all, the agent didn't even get a phone call.
00:14After months of no traction, Justine and her partner cut their losses and sold cheap for
00:20$100,000 less than they paid 10 years ago.
00:23And you've got to look at things logically, the market isn't going to do much up in the
00:27Northern Territory for the foreseeable future.
00:30Darwin remains the cheapest capital city in the country for buyers, with median house
00:35prices at just over $490,000, and the market growing slowest of all the major cities.
00:42While rent prices are high and increasing fast, sitting at $600 a week in Darwin, but
00:48remaining stagnant across regional NT.
00:51Fed up with high rents, one property agent says people are taking the plunge and buying.
00:56We've got a lot of first home buyers coming into the market, so people are realising that
01:00the interest rates at the end of the year are going to be dropping.
01:03While some might be buying, experts say the market isn't looking good.
01:07The property market has lots of challenges currently, I don't mind calling it we are
01:12in peril.
01:13Basically we need safe, secure, affordable housing here.
01:18He says high costs, crime and a lack of opportunities means people aren't coming to the territory
01:24to invest, which is driving down demand.
01:27All those things need to be addressed for us to be also running the race with other
01:33capital cities.
01:34Both sides of government have acknowledged the housing problem, the CLP pledging $50,000
01:41to first home builders and $30,000 to new builders from interstate, if elected into
01:48power.
01:49And Labor pointing to $10,000 in stamp duty relief for first home owners, as well as ongoing
01:56efforts to build more affordable housing.