Darwin home prices surge 70k in a year

The home at 32 Tipperary Court, Stuart Park, is for sale for offers over $3m. Picture: Supplied

Darwin homes prices hit a new peak in October with fresh data revealing homebuyers are paying almost $70,000 more for a typical home than they were a year ago.

The October PropTrack Home Price Index showed the median Darwin dwelling price increased 0.5 per cent last month and 12.8 per cent across the past 12 months to hit $565,000.

This was $69,400 higher than the median Darwin home price in October 2024.

The report revealed Darwin house prices were up 0.5 per cent month-on-month and 12.9 per cent, or $81,300, year-on-year in October to a median of $643,000.

In the unit market, the median price was sitting at $435,000, up 0.5 per cent in October and 12.7 per cent, or $50,400, in the past year.

Kerri-Ann Laurence of Laurence Real Estate said the Darwin property market was seeing a revival after being stagnant for the past decade.

“Properties are selling quickly, buyer enquiry is high,” she said.

“It is most certainly a seller’s market, and a rising marketplace.

“The latest statistics show a 12 per cent increase this year on property prices, which I expect is conservative as it is based on settled properties only and not those that have been sold in the last 4-6 weeks.

“Darwin is quite simply leading the way for capital growth with our market still being affordable, with limited house supply and strong investment activity.”

Kerri-Ann Laurence of Laurence Real Estate.

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Ms Laurence said the NT economy had seen a shift, with the newest CommSec State of the States report revealing the Territory had moved from 8th to 4th position.

“This marks our best performance in almost a decade,” she said.

“Following several years of steady recovery, the data confirms a crucial shift: the NT economy is entering a new phase of growth.

“Strong residential real estate growth, construction numbers, elevated business and consumer confidence, and a developing momentum are powering the Territory’s progress.”

In regional NT, home prices increased 0.3 per cent last month and 2.8 per cent in the past year to $339,000.

However, this figure 2 per cent lower than the most recent peak in June 2022.

Regional NT house prices were up 3.2 per cent annually to a median of $374,000, and the median unit price increased 1.4 per cent year-on-year in October to $306,000.

The home at 216 Casuarina Drive, Nightcliff, is for sale with a price guide of $3.65m. Picture: Supplied

The PropTrack report showed national home prices were up 0.6 per cent in October to a new median of $858,000.

REA Group senior economist and report author Eleanor Creagh said this extended the upswing to a 10th straight month and lifted values 7.5 per cent higher than a year ago, the strongest annual pace since May 2024.

“Increased borrowing capacities, lower mortgage rates and improving sentiment are fuelling renewed competition, but the pattern of growth is shifting,” she said.

“Over the past year, Darwin, Hobart, Melbourne and Sydney have seen the fastest acceleration in annual gains with these previously softer markets regaining momentum.

“In contrast, the pace of annual growth is easing from earlier highs in Brisbane, Adelaide and

Perth, though prices are still at record levels and continue to rise briskly.

“All regional markets have slowed, except regional Victoria, narrowing regional market outperformance.”

Ms Creagh said nationally, annual growth had lifted above the 30-year average, yet stretched affordability was a handbrake on growth, which remained well below the 20-30 per cent pace of past booms.

“Looking ahead, this year’s series of rate cuts, population inflows and the expanded Home Guarantee Scheme will continue to bolster demand,” she said.

“With stock on market constrained and new supply challenged, conditions remain tilted toward sellers.

“The market appears set for further price gains throughout spring and into summer.”

OCTOBER HOME PRICE INDEX

(SOURCE: PropTrack)

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