House prices see largest price drop for last 7 years
A property institute has claimed house prices have seen their largest drop since December 2011, giving buyers the opportunity to add to thei...
DURACK, 830 delivered a weaker performance in contrast to other Australian suburbs in terms of appreciation of property value.
Investors saw the median home price rise to $470,000.
Profits due to an downward trend in home prices in the suburb averaged -4.95% per annum over a 3-year period.
DURACK now ranks at the 3rd place on a list of fastest growing suburbs in the territory.
Figures from the previous quarter show that capital gains for real estate buyers in DURACK are high, as opposed to average gains per annum over the past five years.
Because of this real estate investors could earn a rental income of $470 based on current median home prices.
Regardless, it is expected for properties to spend some time on the market prior to a successful sale. In DURACK, homes and units usually stay on listing for an average of 91.6 days.
In 2016, 51 properties were sold in DURACK during the past year, making it the 5th most active market in NT based on total real estate transactions.
| KEY PROPERTY DATA REPORT | HOUSE | UNIT |
|---|---|---|
| Median Price | $470,000 | N/A |
| GROWTH REPORT | ||
| Median Quarterly | 4.44% | N/A |
| Median 12 month | -5.43% | N/A |
| Median 3 years | -14.86% | N/A |
| Median 5 years | -14.16% | N/A |
| 10 years average annual | 1.93% | N/A |
| Weekly media advert. rent | $470 | N/A |
| Time on Market | 91.6 days | N/A |
| Gross Rental Yield Percent | 5.2% | N/A |
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