Home Price Index breakdown: Property values in the NT right now

November 2024

Australia’s Top End remains the cheapest place to buy a home, with median values the lowest in the nation, according to PropTrack's latest Home Price Index. 

After a slight decline in October, home prices in Darwin rose marginally during November, with the median value sitting at $511,000.

Values grew 0.07% over the month, and are 2.29% higher than a year ago.

This four-bedroom house for sale in Johnstone in Darwin's south is on the market with an asking price of $770,000 Picture: realestate.com.au

Regional NT had the lowest median price out of all the nation’s regional areas, at $410,000. This was up 9.9% from March 2020. Over the month regional values slightly fell 0.10%, however on an annual basis, price growth increased 0.16%. 

Nationally, home prices hit a new record in November, rising 0.15% over the month, to sit 5.53% higher than a year ago, according to REA Group senior economist Eleanor Creagh.

“Annual price growth in the combined capitals (+5.55%) has just outpaced regional areas (+5.48%), but capital city buyers have been spoilt for choice with the surge in new listing volumes through spring. As a result, price growth has levelled out in the capitals, with regional areas leading in November,” Ms Creagh said.

October 2024

Darwin’s home prices have continued to drop by a slim margin in October, with the median price for a dwelling sitting at $512,000, according to PropTrack's latest Home Price Index. 

“After hitting a new peak in May 2024, Darwin home prices have fallen slightly,” explains REA group senior economist, Eleanor Creagh.

“These small declines persisted in October (-0.04%), though prices remain 1.46% higher than a year ago.”

Darwin prices have gone down 1.34% from their peak.

However, they are still 27.4 per cent above their pre-pandemic level in March 2020.

This four-bedroom house for sale in Rosebery in Darwin's south is on the market with an asking price of $679,000 Picture: realestate.com.au

Darwin, along with Brisbane and Adelaide, were the only capital cities where price growth failed to regain momentum in October, Creagh said.

The latest research comes as higher interest rates and affordability constraints still weigh on buyers across the country, she said.

“Buyers now have more properties to choose from, and uncertainty around the timing of interest rate cuts remains,” she added.

Across regional NT, house values declined 0.03% over the month, but they remained unchanged from a year ago, with the median dwelling price sitting at $421,000. 

Home values in regional NT are up 10% since pre-pandemic levels in March 2020.