Northern Territory market continues on with little uplift

The latest PropTrack Home Price Index showed the median dwelling price in Darwin remained unchanged in September, sitting at $511,000.

PropTrack senior economist and report author, Eleanor Creagh said while price movement was flat in the NT capital last month, home prices were up 0.94 per cent compared to September 2023.

The PropTrack report showed the average cost of a Darwin house also remained the same last month, at $581,000, but was up 1.8 per cent year-on-year.

In the unit market, the median price was sitting at $374,000, up 0.02 per cent month-on-month but down 1.54 per cent year-on-year.

In regional NT the median dwelling price dipped 0.14 per cent in September and also declined 0.49 per cent annually to sit at $412,000.

The median house price in regional NT was $452,000, down 0.14 per cent month-on-month and also down 0.13 per cent year-on-year.

This four-bedroom house on Copeland Crescent in Nakara recently sold for $875,000. Picture: realestate.com.au

Ms Creagh said NT home prices across the NT were still significantly higher compared to pre-Covid times.

“Since the pandemic onset in March 2020, home prices have increased by 27.1 per cent in Darwin and 10.1 per cent in regional NT,” she said.

The PropTrack report showed national home prices lifted 0.04 per cent in September and were 5.67 per cent higher than a year ago to sit at a median of $792,000.

Prices in the combined capital cities increased 5.88 per cent in the past year, to sit at a median of $862,000, but were flat in September.

“The upswing in Australia’s home prices has persisted into the spring selling season, though growth has slowed with buyers enjoying more choice,” Ms Creagh said.

“Housing demand remains resilient, defying affordability constraints with prices lifting across much of the country in September, albeit at a slower pace in most markets.

This four-bedroom house on Thornton Crescent in Moil is on the market for $720,000. Picture: realestate.com.au

“The number of homes listed for sale has lifted providing more choice and slowing price growth.”

Ms Creagh said the pace of growth remained varied with differing supply and demand conditions driving diverse performance across the country.

“July’s tax cuts boosted borrowing capacities and buyers’ budgets, while the persistent growth in home prices is likely motivating some to overcome affordability challenges and transact,” she said.

“Though prices are rising, sustained high interest rates, cost of living pressures, weak consumer sentiment and affordability constraints are weighing.

“Buyers now have more properties to choose from, though uncertainty around the timing of interest rate cuts is likely also having an impact on the pace of growth.

“Ahead, prices are expected to lift through the typically busier spring selling season, albeit at a slower pace.”

This article was first published on realestate.com.au and has been republished with permission.