The home at 50 Hudson Fysh Ave, Parap, sold for $1.03m in March. Picture: Supplied
The Darwin property market has seen its highest annual price growth since mid-2022 with the median home price hitting a fresh peak.
The latest PropTrack Home Price Index revealed the median dwelling price in Darwin increased 3.78 per cent year-on-year in March to sit at $519,000.
REA Group senior economist, Eleanor Creagh said this was a new peak, with the Darwin market not seeing an annual price increase of more than this since July 2022.
“Darwin recorded the fastest quarterly rise across all capital city markets in March 2025,” she said.
“Houses lead Darwin’s price growth, rising 0.42 per cent month-on-month, while units lifted 0.16 per cent.”
The median Darwin house prices was sitting at $587,000 in March, up 5.1 per cent since March 2024, while the median unit price in the NT’s capital was $386,000, up 0.69 in the past 12 months.
REA Group senior economist, Eleanor Creagh. Picture: Supplied
“Darwin had previously underperformed compared to other capital with subdued growth and even decline,” Ms Creagh said.
“The recent upswing reflects a bit of a catch up after a period of softer growth.”
Ms Creagh said Darwin remained Australia’s most affordable city though prices were likely to continue to grow in months ahead.
“As interest rates began to move lower in February, we were seeing activity from first homebuyers and upgraders entertaining market,” she said.
Ray White Darwin director, Andrew Harding said Darwin’s price growth was as expected given the current market conditions of affordable real estate coupled with low supply.
“Darwin has the lowest median price out of any capital city in the country and some of the highest rental yields, which is drawing in investors,” he said.
“The investors are driving the sub-$600,000 market but it’s predominantly locals buying the $1m-plus stock.
“Enquires across all properties are higher and average auction bidders have gone from 1.2 to four per auction.”
The home at 4 Crush Street, Fannie Bay, sold for $1.3m in March. Picture: Supplied
Mr Harding said he expected price growth to continue throughout 2025.
“The Perth market was dormant for 10 year and had this massive boom,” he said.
“Darwin has got the same factors occurring as Perth did before it had a huge run.”
The PropTrack report showed the national median home price increased 3.91 per cent year-on-year in March to $799,000.
The capital city with the highest annual growth was Perth (11.53%), followed by Adelaide (11.32%), Brisbane (9.39%), Darwin (3.78%), Sydney (2.85%), Hobart (1.78%) and ACT (0.42%).
The median home price in Melbourne dropped 2.26 per cent in the same time.
“Home prices across the country climbed in March, following a clear shift in market momentum triggered by the Reserve Bank’s February rate cut,” Ms Creagh said.
“February’s rate cut boosted borrowing capacities and buyer confidence, helping to reignite demand and reverse the small price declines seen in the months prior.”
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