Home Price Index breakdown: Property values in the NT right now

October 2024

Darwin’s home prices have continued to drop by a slim margin in October, with the median price for a dwelling sitting at $512,000, according to PropTrack's latest Home Price Index. 

“After hitting a new peak in May 2024, Darwin home prices have fallen slightly,” explains REA group senior economist, Eleanor Creagh.

“These small declines persisted in October (-0.04%), though prices remain 1.46% higher than a year ago.”

Darwin prices have gone down 1.34% from their peak.

However, they are still 27.4 per cent above their pre-pandemic level in March 2020.

This four-bedroom house for sale in Rosebery in Darwin's south is on the market with an asking price of $710,000 Picture: realestate.com.au

Darwin, along with Brisbane and Adelaide, were the only capital cities where price growth failed to regain momentum in October, Creagh said.

The latest research comes as higher interest rates and affordability constraints still weigh on buyers across the country, she said.

“Buyers now have more properties to choose from, and uncertainty around the timing of interest rate cuts remains,” she added.

Across regional NT, house values declined 0.03% over the month, but they remained unchanged from a year ago, with the median dwelling price sitting at $421,000. 

Home values in regional NT are up 10% since pre-pandemic levels in March 2020.