The prices of houses in Darwin city have been falling in recent years. It is in this context, answer the following questions:

(a) What are the major drivers of falling house prices in Darwin.

(b) Using an appropriate diagram, explain your answer in part a.

(c) Is the supply of land in metropolitan cities like Melbourne, Sydney and Darwin perfectly inelastic? Why? Discuss.

requiring application of economic theories to real world problems and issues

https://nteconomy.nt.gov.au/housing