Less choice for Darwin homebuyers

The latest PropTrack Listings Report showed the number of new Darwin listings on realestate.com.au increased 10.5% in October but were down 12.6 % compared to 12 months ago.

REA Group director of economic research Cameron Kusher said Darwin was the only market nationally to see a drop in new listings year-on-year.

“Overall stock remained below October 2023 levels, as total listings fell by 0.9% in October to sit 17% lower than a year earlier,” he said.

Regional NT recorded a surge in new listings, up 57.4% month-on-month.

“This is the highest monthly growth of any capital or regional market in October,” Mr Kusher said.

“The rise in new listings saw total listings increase by 2.7% over the month and 10.7% year-on-year in October.”

Nationally, new listings surged 20.9% in October as capital city new listings reached the highest volume for the month of October in a decade.

Capital city new listings were up 23.2% monthly and 15.2% annually while regional new listings were up 17% in October and 11.9% year-on-year.

“Buyers across Australia enjoyed greater choice in October, with all markets recording a monthly jump in new listings and most markets proving far busier than at the same time last year,” Mr Kusher said.

“Sydney and Melbourne recorded a year-on-year jump in new listings, despite the heightened new listing volumes this time last year, while Perth, Canberra and Brisbane saw the largest annual increases.”

REA Group director of economic research Cameron Kusher says Darwin's drop in listings year-on-year come as interest in regional NT soars. Picture: Supplied

Mr Kusher said as new listing volumes surged, total listing volumes also increased.

“They’re up 8.7% year-on-year and at their highest point since November 2020,” he said.

“Heightened levels of stock for sale affords buyers more choice and removes some purchasing urgency from the market.

“We’re seeing a more balanced dynamic between buyers and sellers than we have in recent years, with conditions quite favourable for purchasers in cities like Sydney and Melbourne.

“A range of factors may have led to the strong growth in new listings, such as recent price gains enabling some homeowners to upgrade, while prolonged high interest rates may be prompting others to sell.”

This article first appeared on realestate.com.au and has been republished with permission.