The home at 53 Gsell St, Wanguri, sold for $785,500 in May. Picture: realestate.com.au
Darwin home prices have hit a fresh peak with the latest property data revealing monthly and annual increases across both the unit and house markets.
The June PropTrack Home Price Index showed the median home price in Darwin was up 0.27 per cent in May and 5.5 per cent annually to sit at $535,000.
Darwin house prices rose 6.12 per cent in the past year and 0.21 per cent in the past month to sit at a median of $606,000.
Unit prices were up 0.41 per cent in May and 3.93 per cent year-on-year to a median of $394,000.
REA Group senior economist, Eleanor Creagh said Darwin home prices also increased by 2.5 per cent in the May quarter.
“This is relatively fast paced growth compared to what we’ve seen in Darwin across the past couple of years,” she said.
“Darwin is the most affordable capital city in the country and that is likely one of the contributing factors to the reacceleration of home price growth in Darwin.”
REA Group senior economist, Eleanor Creagh. Picture: Supplied
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Ms Creagh said when comparing annual price growth across the capital cities, Darwin was sitting in the middle of the pack.
“Adelaide (11.04%), Perth (8.4%) and Brisbane (8.38%) continue to lead the way and Darwin (5.5%) is coming in fourth,” she said.
The PropTrack report showed regional NT recorded a 0.14 per cent drop in home prices last month, to a median of $416,000, bringing them 3.15 per cent above May 2024 levels.
The median house price in regional NT hit $455,000 in May, down 0.15 per cent month-on-month and up 3.69 per cent year-on-year.
The Home Price Index showed national home prices rose 0.39 per cent in May, marking the fifth consecutive month of growth and a new record high for Australian home values.
The townhouse at 19/10 Damascene Cres, Bellamack, sold for $425,000 in May. Picture: realestate.com.au
“With interest rates falling, price momentum has increased and broadened, with all capitals seeing prices lift in May,” Ms Creagh said.
“The growth seen in all capital cities is underpinned by improved buyer sentiment and renewed confidence following interest rate cuts.
“With further price increases and rate cuts expected, prospective buyers are moving off the sidelines and accelerating their purchasing decisions.”
Ms Creagh said looking ahead, stretched affordability would remain a constraint, but a chronic lack of new housing supply, population growth, and targeted buyer incentives were expected to keep upward pressure on prices.
“In combination with interest rates continuing to move lower, these factors are likely to drive further price growth throughout the remainder of 2025,” she said.
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