Get App
The 5 best affordable suburbs in Darwin 2023
30 June 2023
Find out which suburbs in Darwin made the top five list in Bright Stars: Canstar’s Best Affordable Suburbs Report powered by Hotspotting.
There are plenty of great locations in Darwin where you can buy a home for less than $461,346. This was the cut-off price we used for our ‘Bright Star’ suburbs in the Northern Territory capital. (For more on why we chose this see our full report.)
Of course, price isn’t the only consideration when selecting a location to buy property. Lifestyle benefits and prospects for growth should also be on the checklist. In Canstar’s Best Affordable Suburbs Report we used five key metrics – sales volumes, price growth, vacancy rates, infrastructure and proximity to work and amenities – to identify the affordable suburbs that are desirable and likely to grow in value over time. Check out our list below.
The 5 best affordable suburbs in Darwin
- Darwin City (Units)
- Gray
- Larrakeyah (Units)
- Moulden
- Woodroffe
Darwin City (Units)
The affordability of apartments in the Darwin CBD allows buyers to get amongst the action cheaply. The median unit price is $445,000 after a 9.8% annual rise, based on 239 sales in the past year. Apartment rents are high relative to purchase prices, with a median rent of $580 per week. The many amenities for CBD residents include the Darwin Waterfront Precinct, with a range of dining and entertainment options.
Gray
Gray sits alongside the Palmerston Golf and Country Club, not far from the Palmerston City centre, and includes the Oasis Shopping Village. The suburb’s relative affordability attracts buyers and prices continue to grow, but rents have been growing faster (averaging 14% per year since 2020). The median house rent of $500 per week, underpinned by a vacancy rate of 1.2%, is high relative to sale prices.
Larrakeyah (Units)
The inner-city waterfront suburb of Larrakeyah has a good supply of affordable apartments, with a median price of $420,000 based on 102 sales in the past 12 months. Purchase prices are cheap relative to typical rents, with a median weekly rent of $550 per week, supported by consistently low vacancy rates (currently 1.2%).
Moulden
Darwin has the highest rental yields in capital city Australia and the suburb of Moulden in the satellite city of Palmerston demonstrates it. The median weekly rent is $500 per week, providing a median rental yield of almost 7% based on the median house price of $390,000. Vacancies remain tight at 1.5%. Moulden is about 3km from the centre of Palmerston City.
Woodroffe
This is another affordable suburb in Palmerston City, where there continues to be strong buyer demand and price growth, with the median house price now $440,000. The median weekly rent is $550, supported by vacancies which have been consistently below 1.5% over the past three years. Rental growth has averaged 14% per year in that time. Residents have a choice of nearby schools and shopping centres, close to the centre of Palmerston City.
The best affordable suburbs in Darwin
← Mobile/tablet users, scroll sideways to view full table →
| Suburb | Median price | 10% Deposit | |||
|---|---|---|---|---|---|
| Initial outlay* | Monthly repayment+ | Repayments as a percentage of dual income^ | |||
| With FHB concession | No FHB concession | ||||
| Darwin City (U) | $445,000 | $72,225 | $73,083 | $2,325 | 17.90% |
| Gray | $410,000 | $65,627 | $66,417 | $2,142 | 16.50% |
| Larrakeyah (U) | $420,000 | $67,495 | $68,305 | $2,194 | 16.90% |
| Moulden | $390,000 | $61,927 | $62,680 | $2,037 | 15.70% |
| Woodroffe | $440,000 | $71,272 | $72,121 | $2,298 | 17.70% |
Sources: Median price: CoreLogic as at February 2023. Initial outlay and repayment data: canstar.com.au prepared on 26 June 2023. (U) stands for units. *Initial outlay figures include the deposit, stamp duty, mortgage registration and transfer fees; and lenders’ mortgage insurance (LMI) premium. Stamp duty calculated based on an owner occupier purchase of an established dwelling. LMI premium based on Helia LMI Premium Calculator for an owner occupier borrower and a loan term of 30 years. +Monthly repayments calculated based on the average variable interest rates of 5.7% and a loan term of 30 years. Interest rates based on the average owner occupier, principal and interest variable rate for a loan of $500,000 over the past year, rounded to the nearest 0.1%. ^Percentage of income based on the average total income by Greater Capital City Statistical Area (ABS Personal Income, 2019-20), adjusted by the ABS Wage Price Index (Dec-2022) for each state. A dual income assumes two people with the average income. For estimates on initial outlay, monthly repayments and repayments as a percentage of income based on a 20% deposit see full report.
Compare Home Loans (Refinance with variable rate only) with Canstar
If you’re currently considering a home loan, the comparison table below displays some of the variable rate home loans on our database with links to lenders’ websites that are available for homeowners looking to refinance. This table is sorted by Star Rating (highest to lowest), followed by comparison rate (lowest to highest). Products shown are principal and interest home loans available for a loan amount of $500,000 in NSW with an LVR of 80% of the property value. Consider the Target Market Determination (TMD) before making a purchase decision. Contact the product issuer directly for a copy of the TMD. Use Canstar’s home loans comparison selector to view a wider range of home loan products. Canstar may earn a fee for referrals.
Owner occupied
20% min deposit
Redraw facility
Owner occupied
20% min deposit
Redraw facility
Owner occupied
10% min deposit
Redraw facility
Owner occupied
20% min deposit
Redraw facility
Owner occupied
10% min deposit
Redraw facility
Cover image source: Jacqueline Sheehan/Shutterstock.com
This article was reviewed by our Editorial Campaigns Manager Maria Bekiaris before it was updated, as part of our fact-checking process.
Owner occupied
10% min deposit
Redraw facility
Try our Home Loans comparison tool to instantly compare Canstar expert rated options.
