NT market update: new year, new price drop

The latest PropTrack Home Price Index showed the median dwelling price in the Darwin region dropped 0.38 per cent in January to sit at $481,000.

This is 1.47 per cent below the median in January 2023 and 2.19 per cent below the most recent peak.

PropTrack senior economist and report author, Angus Moore said the monthly decrease in home values was the largest decline in Australia in January.

“Still, prices in Darwin are 25.7 per cent above their pre-pandemic level in March 2020,” he said.

The home at 52 Charles St, Stuart Park, sold for $1.255m in January. Picture: realestate.com.au

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The PropTrack report showed Darwin remained the most affordable capital city in the country.

Sydney had the most expensive real estate, with a median home price of $1.057m, followed by Melbourne ($799,000), Brisbane ($794,000), Adelaide ($708,000) Hobart ($669,000) and Perth ($640,000).

The ACT had a median home price of $831,000.

In regional NT, the median price saw a slight rise of 0.09 per cent in January to $421,000.

This was 12.4 per cent higher than pre-pandemic prices.

However, regional NT home prices were 3.24 per cent below the January 2023 level and 3.52 per cent down from the last peak.

PropTrack senior economist Angus Moore. Picture: Supplied

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Nationally, the median dwelling price was up 0.02 per cent in January and 5.26 per cent annually to $760,000.

“Home price growth has slowed from what we were seeing in the middle of 2023, with national prices relatively unchanged since November,” Mr Moore said.

“Several factors have contributed to the slowdown, including the additional interest rate rise in November and more homes hitting the market in late winter and spring, giving buyers more choice.

“Regional areas have very slightly outpaced capital cities over the past few months.

“Even so, capital city areas remain the stronger performer over the past year.”

Mr Moore said strained affordability, sitting at its worst level in at least 30 years, was likely weighing on home prices.

“Nonetheless, we expect prices in 2024 will still grow, albeit at a slower pace than in 2023,” he said.

“A more stable interest rate environment, coupled with ongoing population growth and a low level of new building activity, will support home price growth this year.”

Originally published at: https://www.realestate.com.au/news/nt-market-update-new-year-new-price-drop/