Darwin Hits Top End of House Price Growth

A Darwin-based developer is pursuing a controversial project in its hometown as the city records the strongest annual residential price growth in the country.

Home prices rose 20.3 per cent with units up 18.3 per cent and houses 21.1 per cent in a year, according to Corelogic’s latest home value index.

However, home prices were still the cheapest of the nation's capitals at $478,072, behind Adelaide at $500,881.

Rent growth in Darwin saw similar growth, up 21.9 per cent for houses and 17 per cent for units during the past year.

As this upswing goes on, the latest application from developer Makrylos, which has produced more than 700 homes from $500-million worth of projects in the territory, has caused a stir.

Elysium Green was originally approved by Development Consent Authority but subsequently rejected by the Northern Territory Civil and Administrative Tribunal for failing to deliver a “landmark” development.

The new submission revised the design by Archidiom to create two, seven-storey towers with 101-apartments, ground floor retail and commercial space for the site at 4 Blake Street, The Gardens just outside Darwin's CBD.

The 6300sq m site near the botanical gardens and golf course would have vertical gardens, a swimming pool, basement parking, a peacock roost and art installations by Bruce Munro as well as First Nation Australian artists.

“The proposal introduces several Territfirst high-rise residential design initiatives, and sustainability inclusions,” according to the application.

The energy efficiency has a NatHERS rating of 8.4 for the apartments, electric vehicle stations, solar, harvested rainwater and extensive public facilities.

In Darwin's CBD, works have begun on the civic and state square masterplan. reworking landscaping in the area, adding an art gallery, redeveloping carparks and creating a central art public space.

This city heart upgrade is part of Darwin City Deal—its the centrepiece will be the $250-million education and community precinct at Charles Darwin University which is due to open in 2024.

It will include onsite student accommodation, new council chambers and offices, an integrated library and retail space.

Planning has also ramped up in the broader Darwin region with the territory government looking to develop sub-regional lands around Palmerston, the fastest-growing region in the area, according to the planning commission.