The home at 4 Wessel St, Wagaman, sold for $800,000 in February. Picture: realestate.com.au
Darwin house prices have shot up more than $100,000 in the past year with fresh data revealing property values have hit a new peak in the NT’s capital.
The latest PropTrack Home Price Index showed Darwin home prices increased 0.5 per cent in February, contributing to a 16.2 per cent annual increase.
This saw the median dwelling price shoot up $89,800 in 12 months to a new peak of $598,000
Darwin house prices were also up 0.5 per cent month-on-month and 16.4 per cent year-on-year in February, with the median house price skyrocketing $102,700 in the past year to $680,000.
In the Darwin unit market, prices were up 0.7 per cent in February and 15.5 per cent in the past year.
The median unit price increased $61,700 year-on-year to $456,000.
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The property at 9 Brinkin Tce, Brinkin, sold for $1.165m in February. Picture: realestate.com.au
In regional NT, the median dwelling price dipped slighting in February, down 0.1 per cent, but was up 0.8 per cent year-on-year to $342,000.
This was 2.6 per cent below to most recent peak in June 2022.
House prices fell 0.2 per cent month-on-month but remained stable across the year to sit at a median of $364,000.
Unit prices in regional NT lifted 0.1 per cent in February and 4.1 per cent annually to sit at $319,000.
Nationally, the median home price increased $89,500 in the past year to $897,000.
REA Group senior economist and report author, Eleanor Creagh said Australian home price growth picked up in February, consistent with the seasonal lift in housing market activity after the holidays.
“Prices lifted across every capital city, while nationally they are now 9.1 per cent higher than a year ago,” she said.
“The national increase marks the fastest annual pace of growth since June 2022.”
REA Group senior economist, Eleanor Creagh. Picture: Supplied
Ms Creagh said the strongest conditions remain concentrated in markets where buyer demand was facing into tight supply, particularly Perth, Darwin, Brisbane and Adelaide.
“Notably, Hobart has reaccelerated, recording the strongest monthly gain in February with total stock on market down around 30 per cent over the past year,” she said.
“In each of these capitals, except Hobart, unit growth is outperforming houses both quarterly and annually as buyers pivot toward more attainable options.”
Ms Creagh said the Reserve Bank’s February rate rise would weigh on borrowing capacity at the margin.
“(However), tight labour market conditions, population inflows, investor activity and the expanded Home Guarantee Scheme have reinforced demand, with limited new housing supply providing a floor under prices,” she said.
“These factors point to further price gains.
“Though, the period ahead is likely to see slower and more uneven growth as affordability constraints and future rate rises slow growth throughout 2026.”
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