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The township of Southport sits 50 minutes from Darwin. Picture: RP Data
Australia’s three cheapest streets can all be found in the same tiny Territory township with median property prices sitting about $44.9m below Australia’s most expensive street.
Analysis by Ray White Group found Australia’s most affordable street was Ringwood St in Southport, which sits about a 50-minute drive from Darwin between Blackmore River and Berry Springs.
Ringwood St has a median sale price of just $100,000.
Second place was taken out by Austin St, where homes cost $103,000 on average, and in third spot was Kersley St with a median home price of $106,000.
In contrast, Australia’s most expensive street is Wolseley Rd in Point Piper with a median house price of $45m.
This was followed by Wetworth Rd, Vaucluse, where homes sell for $23.4m on average, and Ginahgulla St, Vellvue Hill, which has a median sale price of $22.15m.
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This Ringwood St property sold for $35,000 in 2022. Picture: RP Data
Ray White Group senior data analyst, Atom Go Tian said the price of real estate on these streets was strongly linked to location.
“Darwin’s highest-valued streets, led by East Point in Fannie Bay at $1.81 million, illustrate the significant value gap between northern Australia and its southern counterparts,” he said.
Greenhide Rd, Marlow Lagoon was named Darwin’s second most expensive street with a median price of $1.8m, followed by Cullen Bay Cres, Larrakeyah, with a median of $1.56m.
Ray White Darwin selling principal, Andrew Harding said Darwin had the most affordable capital city real estate in the country coupled with high rental yields, and interstate buyers were taking notice.
“We’re seeing a huge influx of investors who see the potential in the growth of Darwin,” he said.
Andrew Harding of Ray White Darwin. Picture: Supplied
“And our high-end market ranges from about $1.5 to $2m … so when interstate buyers come to Darwin they see exceptional value.”
Mr Harding said heading into 2025, he expected market activity to pick up as more buyers entered the market.
“Currently, there are about 730 properties listed for sale in Darwin on realestate.com.au, whereas normally the average number of properties for sale sits around 1300,” he said.
“When we start to see more buyers in the market, we will see more properties on the market and we’ll see more competition.”
