House prices drop

22 OCTOBER 2019

House prices have dropped to those from 10 years ago, yet the Gunner Labor Government continues to put a positive spin on our struggling economy.

New figures from REINT show this quarter had seen a further fall in the median price of a house in Darwin, dropping by a further eight per cent this quarter, taking the median price to just $460,000.

Opposition Leader Gary Higgins said these prices are the equivalent of March and June 2009, while the Palmerston market house prices have retreated to the same levels as 2008.

"Only last week the Treasurer was saying how good the economy is, but she clearly isn’t a home owner if that’s her attitude," he said.

"The REINT have also expressed concern at how a declining population is affecting the house market which is something the Opposition has frequently raised with this ignorant Gunner Labor Government.

"A home is the single biggest investment a person will make, so a strong economy to sustain a healthy housing market is integral to not only keeping our population here, but also encouraging investment."

Mr Higgins said most concerning was that the Darwin Unit market median had fallen $58,500 since this time last year, $111,000 since this time in 2017, $166,000 since September Quarter 2016 and $200,500 since September Quarter 2015.

"It is now more than ever so important for this Gunner Labor Government to wake up and create the economic environment needed to sustain a healthy housing market," Mr Higgins said.

"Territorians cannot afford Labor’s ignorant economic policy which has far reaching consequences for every day Territorians trying to make a life for themselves in their own home."

Mr Higgins said a CLP Government would rein in the spending, free up industry and business, support a diversified economy, support sustainable infrastructure, incentivise private sector investment, and stop the waste.