Darwin home prices trending up

The latest PropTrack Home Price Index showed the median dwelling price in Darwin rose 0.07 per cent in November to sit at $511,000.

This was 2.29 per cent higher than in November 2023.

REA Group senior economist and report author, Eleanor Creagh said despite the increase last month, the Darwin median price was still 0.37 per cent below the most recent peak in May, 2022.

The PropTrack data showed the average cost of a Darwin house dropped 0.04 per cent in November but was up 2.82 per cent year-on-year to $580,000.

In the Darwin unit market, the media prices was sitting at $382,000, up 0.39 per cent month-on-month and 0.77 per cent year-on-year.

REA Group senior economist, Eleanor Creagh. Photo: Supplied

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In regional NT, the median home price declined 0.1 per cent in November to $410,000 but was up 0.16 per cent compared to the same time last year.

“Since the pandemic began in March 2020, home prices in Darwin have risen by 28.6 per cent, while regional NT has seen an increase of 9.9 per cent,” Ms Creagh said.

Ray White Darwin selling principal, Andrew Harding said in his experience there were many properties in Darwin transacting for good prices off market, which skewed the data.

“We’re seeing a lot of properties selling off market to interstate investors through buyers agents,” he said.

“So they’re not even hitting the market.

“They’re selling to everyday mum and dad investors who want low-maintenance stand-alone houses with tenants.”

The PropTrack report showed Darwin remained the most affordable capital city with its median home price of $511,000.

The home at 6 Mosec St, Ludmilla, sold for $720,000 in December. Picture: realestate.com.au

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The second cheapest was Hobart with a median home price of $682,000, followed by Perth ($778,000), Melbourne ($792,000) and Adelaide ($795,000).

The most expensive capital cities were Sydney, where the median home price was at a peak of $1.112m, Brisbane ($868,000) and Canberra ($843,000).

The national median home price was $800,000 in November.

“Australian home prices hit a new peak in November after 23 consecutive months of growth,” Ms Creagh said.

“While housing demand has remained resilient to persistent affordability constraints, we have seen the pace of home price growth slow since earlier in the year.

“This softening in growth has occurred alongside a surge in stock for sale, giving buyers more choice and reducing the urgency to transact.”

Ms Creagh said while the national median home price was up, performance varied across markets with differing supply and demand conditions.

“In the period ahead, home prices are expected to lift, though the pace is expected to remain softer trailing the strong growth in prices over recent years,” she said.