The houses are cheaper in Darwin

The latest PropTrack Home Price Index shows the Darwin median home price rose 0.03 per cent last month to sit at $482,000.

PropTrack economist and report author Eleanor Creagh said this figure was 0.64 per cent down from 12 months ago.

“Unlike the larger capitals, prices in Darwin have not recovered and remain 2.58 per cent below their May 2022 peak,” she said.

PropTrack senior economist, Eleanor Creagh. Picture: Supplied

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The report showed the Darwin property market was still trending far above pre-pandemic levels, with the median home price up 25.1 per cent since March 2020.

In the rest of the Northern Territory, the median dwelling price was also up 0.03 per cent in March and was sitting at $424,000.

This figure was down 2.93 per cent year-on-year and 3.61 per cent from the most recent peak.

Home prices in regional NT were 9.4 per cent higher than in March 2020.

Nationally, the median home price rose 0.34 per cent last month and 6.79 per cent in the past 12 months to $768,000.

“The home price upswing persisted in March, and prices reached a record high nationally,” Ms Creagh said.

“Despite an increase in the number of homes hitting the market this year, demand has absorbed the surge leading to further price increases.”

The home at 11 Temira Cres, Larrakeyah, sold for $1.035m on March 19, 2024. Picture: realestate.com.au

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Ms Creagh said the expectation that interest rates might begin to move lower in late 2024 would sustain buyer and seller confidence.

“As was widely expected, the Reserve Bank kept the cash rate on hold at 4.35 per cent in March and many expect the next move for interest rates will be down, though timing remains uncertain,” she said.

Ms Creagh said housing demand was also buoyed by population growth, tight rental markets, resilient labour market conditions and home equity gains.

“The sharp rise in construction costs and labour and materials shortages have slowed the delivery of new builds, hampering the supply of new housing,” she said.

“The imbalance between supply and demand is likely to further offset the impact of affordability constraints and a slowing economy.

“As a result, prices are expected to remain on the rise in the months ahead.”

Originally published at https://www.realestate.com.au/news/the-houses-are-cheaper-in-darwin/