The Darwin suburbs where prices are surging

Values are rising in the Palmerston property market. Picture: Justin Kennedy

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The Palmerston property market has boomed in the past year with nine suburbs ranked in Darwin’s top 10 annual growth markets.

Latest PropTrack quarterly home value data revealed growth hotspots were a mix of house and unit markets.

Number one spot was taken out by the house market in Moulden, where the median house price was up 19.8 per cent since March 2024, from $375,604 to $449,984.

The Gray house market was next, increasing 15.1 per cent from $388,051 to $446,835, followed by houses in Woodroffe, up 13.6 per cent from $429,522 to $487,781.

The top unit market was Bakewell, coming in fourth place, with the median unit price rising 12.1 per cent from $274,346 to $307,607.

Units in Parap were up 9.9 per cent to $418,954 and houses in Zuccoli increased 9.8 per cent in the past year to $616,409.

At the other end of the spectrum Parap houses saw the greatest drop in value in the year to March, down 8.7 per cent to a median of $806,125.

This was followed by the Nightcliff house market, down 7 per cent to $839,354, and the Coconut Grove house market, down 5.4 per cent to $598,556.

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The home at 14 Gumnut Way, Moulden, sold for $466,000 in October 2024 after selling for $335,000 in October 2019. Picture: realestate.com.au

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Ray White Palmerston selling principal, Ryan Rowsell said the Palmerston property market was firing up with demand sky high and stock levels low.

“Since we’ve had a lot of interest from interstate investors, and a couple of locals too, it’s helped drive prices up,” he said.

“We sold some properties in Palmerston in October that have probably made nearly $50,000 on them already.

“It’s crazy to see that kind of growth so quickly in a market that hasn’t had much movement in the last 10 years.

“We sold 4 Redshank Ct, Bakewell, for $907,000 in December, setting a new suburb record.

“Off the back of that, we listed 3 Songlark St, Bakewell, and got $690,000 for it, which is also one of the highest sale prices for the suburb.”

Mr Rowsell said Palmerston offered good value for money with investors targeting more affordable suburbs such as Gray, Moulden and Woodroffe and owner occupiers looking in areas such as Durack.

“Investors don’t care about the reputation of a suburb,” he said.

“They’re pretty savvy and they get the same rental return, so why wouldn’t they invest in the Grays and Mouldens?”

The property at 4 Redshank Ct, Bakewell, sold for a suburb record of $907,000. Picture: Supplied

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Mr Rowsell said he was seeing a strong trend of Palmerston owner-occupiers selling up to go bush.

“A lot of people are selling their Palmerston homes for good money to interstate investors and moving their family to the rural area,” he said.

“We have so many buyers for Palmerston properties.”

Mr Rowsell predicted the Palmerston property market, and the greater Darwin market, would only strengthen in coming months.

“We’re one of the best priced home markets in Australia,” he said.

“We have so much to offer.

“Where else can you buy a property under $600,000 so close to the city and amenities?”

In regional NT, the Katherine house market saw the highest gains in the past 12 months with the median house price up 4.7 per cent to a median of $379,787.

Houses in Sadadeen were up 3.4 per cent to $450,424 on average, while the median house price in Larapinta increased 3.2 per cent to $443,894.

The property at 6 Kafcaloudes Cres, Moulden, sold for $600,000 in March 2025 after selling for $332,000 in September 2018. Picture: realestate.com.au

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TERRITORY’S TOP MARKETS FOR ANNUAL PRICE GROWTH

(Source: PropTrack)