Darwin home values have hit a new record high, as price growth outpaces much of the rest of Australia.
According to figures from April’s PropTrack Home Price Index, released today, Darwin’s average home price rose 0.1 per cent last month to hit a new peak of $615,000.
Over the past year, home prices in the city have grown by an average of $95,000.
That 12-month price growth of 16.9 per cent is among the strongest in the country, behind only Perth (21.5 per cent) and Brisbane (17.5 per cent.)
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Darwin home values have hit a new record high, as price growth outpaces much of the rest of Australia.
Darwin’s skyrocketing home price growth is in stark contrast to Australia’s two biggest metropolitan property markets. Sydney’s prices dropped 0.5 per cent in April to record a 3.8 per cent rise over the past year, while Melbourne values fell 0.3 per cent last month to record a miserly 1.9 per cent rise over the past 12 months.
Regional home values in the Northern Territory stayed stable in April, having grown 2.1 per cent over the past year.
The Reserve Bank of Australia’s move to implement multiple interest rate hikes is dragging on some of those major city markets but not in Darwin.
Darwin’s five-year home price growth of 35.1 per cent is in line with total capital city growth of 35.8 per cent. National price growth over that same period sits at 40.2 per cent.
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The average Darwin house is now worth $702,000 Picture: realestate.com.au
“National home prices edged lower in April, suggesting a turning point in the housing cycle,” REA Group Senior Economist and report author Eleanor Creagh said.
“Overall, the housing market is rebalancing as demand softens and growth momentum eases.
“At the same time, higher interest rates are reducing borrowing capacity, while uncertainty is weighing on confidence
“While price growth is expected to slow, a large correction remains unlikely.
“Strong equity buffers, a resilient labour market and limited forced selling are helping to stabilise conditions and cushion price falls.
“Population growth and ongoing supply constraints exacerbated by higher construction costs and elevated interest rates continue to place a floor under prices.
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Darwin’s average unit price is now $461,000.
“The adjustment is expected to be gradual, but slower growth and further price declines are likely.”
In Darwin, Annually, house price growth (+17.5 per cent) outpaced units (+15.6 per cent), while units (+0.2 per cent) outpaced houses (+0.1 per cent) over April.
The average home price in the city is now $702,000, with the median unit price sitting at $461,000.
In regional NT, median home prices held flat in April, at $329,000 – 0.9 per cent behind their peak in June 2022. The average house price in the regions is $369,000. The average unit price is $325,000.
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