Darwin suffers Biggest Drop in Property Values
According to the RP Data-Rismark Hedonic Home Value Index for May, home values declined across most capital cities, except in Hobart and Perth, where home values rose 2.2% and 1% respectively.
The biggest fall was recorded in the Darwin market, with home values suffering a decline of 3.5% in the month of May, but when measured year on year they had still increased by 4.7%.
However, Darwin recorded the highest national rental yields, with rates of 6.3% for apartments and 6.2% for houses.
While the index measured property values as in a decline for the second month in a row, they were still 2.9% above what they were in May last year.
Tim Lawless, research director of RP Data, claimed that a drop in consumer confidence in past months, the growing number of concerns about the national economic situation and negative reactions to the new Federal Budget may be directly influencing conditions in the housing sector.