The home at 6 Rankin St, Nightcliff sold for $1.95m in July. Picture: Supplied
Darwin home prices have risen to a new peak in July with fresh data revealing the unit market outperformed the house market year-on-year.
The latest PropTrack Home Price Index revealed home prices in Darwin were up 0.07 per cent in July, pushing them up 6.6 per cent to a median of $531,000.
The median house price was up 0.03 per cent month-on-month and 6.48 per cent year-on-year to $604,000.
In the unit market, the median was $410,000, up 0.2 per cent in July and 7.44 per cent in the past 12 months.
REA Group economist Anne Flaherty said while Darwin home prices increased 34.73 per cent in the past five year, the city remained the most affordable capital in the country.
Sydney was in first place with a median home price of $1.19m, followed by Brisbane ($919,000), Perth ($847,000), Adelaide ($845,000), ACT ($835,000), Melbourne ($824,000) and Hobart ($665,000).
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REA Group economist Anne Flaherty. Picture: Supplied
The report found regional NT home prices lifted 0.06 per cent over the month to sit 2.72 per cent higher year-on-year in July, yet remained 2.3 per cent below their peak in June 2022.
“Over the last five years, regional NT home prices have grown 9.6 per cent – the smallest growth of all markets,” she said.
The PropTrack report showed Australia’s median home price hit a new record high in July, rising by 0.3 per cent across the month and 4.9 per cent across the year to $827,000.
“The median value of a house is now sitting at $915,000 nationally, with units at $678,000,” Ms Flaherty said.
“Despite the Reserve Bank’s surprise decision to keep interest rates on hold in July, prices rose in all cities bar Canberra.
“Yet the pace of growth did slow down in July, resulting in the smallest monthly growth seen this year.”
The home at 23 Bridge St, Muirhead, sold for $1.06m. Picture: Supplied
Ms Flaherty said regional areas outperformed capital cities counterparts in most markets, recording stronger growth over both the month and the year.
“South Australia remains the strongest market, with Adelaide and regional SA the two top performing regions in the country,” she said.
“While the number of homes for sale has slowed over winter, buyer demand remains strong, with auction clearance rates sitting at the highest level in more than two years.
“Home prices are expected to break into new territory later this year, with further interest rate cuts expected to add momentum to price growth.”
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