Darwin real estate more affordable in 2024 – realestate.com.au

News Corp Australia Network

The median house and unit prices dropped in 2023. Picture: Che Chorley

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Darwin property prices remained stable in the last quarter of 2023 but fell year-on-year to sit at a median of $482,000.

The latest PropTrack Home Price Index showed home prices in the NT’s capital increased 0.1 per cent in the December quarter but fell 1.49 per cent for the year.

The median house price was up 0.17 per cent for the quarter and down 1.58 per cent for 2023, to $549,000, while the median unit price was down 0.11 per cent for the quarter and 1.22 per cent for the year, to $379,000.

PropTrack economist and report author Anne Flaherty said Darwin’s median dwelling price had fallen 2.26 per cent since the most recent peak in May 2022.

However, property prices were still up 25.7 per cent compared to pre-pandemic figures.

Property values also saw a slight fall across the rest of the NT, with the median dwelling price down 3.16 per cent for the year to $421,000.

The average house price was down 3.43 per cent in the 12 months to December, to sit at $460,000.

PropTrack economist Anne Flaherty. Picture: Supplied

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Ms Flaherty said nationally, home prices held steady in December to round out a solid year of price growth.

“Growth in regional areas counteracted falls in the capital cities,” she said.

“After hitting a fresh peak in November, combined capital city prices fell 0.09 per cent in December, marking the first time prices declined in 2023,” she said.

Across December, prices fell in Sydney (-0.08 per cent), Melbourne (-0.55 per cent), Hobart (-0.41 per cent), and Canberra (-0.66 per cent).

Strong growth was recorded in Perth (+0.69 per cent) and Adelaide (+0.59 per cent) while prices were also up in Brisbane (+0.27 per cent) and Darwin (+0.1 per cent).

The national median dwelling price increased 5.52 per cent to $762,000 in 2023.

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“In contrast to the mixed movement across Australia’s capital cities, combined regional areas saw prices increase in December, resulting in monthly growth of 0.23 per cent,” Ms Flaherty said.

“Regional home prices reached a new peak in December, having risen by 3.2 per cent over 2023.

“Regional Queensland and South Australia were the key drivers of growth, up a respective 0.51 per cent and 0.5 per cent over the month to reach new peaks in December.”

Homes in Darwin a cheaper on average than they were a year ago. Picture: Glenn Campbell

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Ms Flaherty said several factors contributed to the slowdown in home prices over the last quarter of 2023.

“There was an additional interest rate rise as well as an increase in the supply of homes listed for sale, which provided buyers more choice and helped to alleviate competition,” she said.

“Despite regional areas experiencing higher growth in December, combined capital city areas were the clear outperformers in 2023, with prices up 6.44 per cent over the course of the year versus 3.2 per cent in the rest of state markets.

“Despite the cool down in capital city prices seen over December, prices in 2024 will be supported by population growth and what looks likely to be a more stable interest rate environment.”