Darwin Real Estate Market Trends: What to Expect in the Coming Years
Oxford Economics Australia conducted a retrospective assessment of the Darwin residential property market, forecasting house and unit prices and rents, which was used as expert witness advice in court proceedings.
Project background
The client, a major Australian legal firm, engaged Oxford Economics Australia (OEA) to provide a retrospective assessment of the Darwin residential property market from 2017 to 2030. The client was grappling with a complex legal case involving a disputed development project. The specific problem required OEA to forecast house and unit prices and rents to 2030, using data only available up to February 2017. The report was to be written for use in court proceedings.
Approach and solution
Using data available only up to February 2017, the team forecasted house and unit prices and rents to 2030. The methodology involved using historical observations, trends, and forecasts for economic activity in Darwin and the Northern Territory. The team ensured that no information or events that subsequently became available influenced the projections, maintaining the integrity of the study. This rigorous approach resulted in a comprehensive and accurate report.
Conclusion
The team’s ability to deliver a high-quality report under strict conditions highlights their expertise and commitment to providing reliable economic analyses for use in court proceedings. The final report proved valuable in informing all parties to the dispute which was eventually settled.
