New listing numbers dip in Darwin – realestate.com.au

News Corp Australia Network

The Darwin real estate market slowed slightly in September with a fall in the number of new listings in the region.

The September PropTrack Listing Report showed new listings in the Darwin region dropped by 4.3 per cent month-on-month.

PropTrack senior economist and report author Anne Flaherty said this corresponded to an 11.3 per cent fall in new listings year-on-year.

But it wasn’t all bad news for home hunters with total listings up 0.6 per cent in September.

“Total listings were also 4.9 per cent higher year-on-year in September with properties taking longer to sell,” Ms Flaherty said.

“Buyers in Darwin are in a stronger position compared to 12 months ago with home prices sitting 1.6 per cent lower.”

In regional NT, new listings increased 4.8 per cent month-on-month and 41.9 per cent year-on-year.

Total listings were also up 1.5 per cent in September and 12.8 per cent compared to September 2022.

“However, listings activity in regional NT can be volatile as it is a small market with relatively little activity each month,” Ms Flaherty said.

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Nationwide, new listing numbers also fell in September.

“After an unseasonably busy end to winter, the number of homes newly listed for sale dipped slightly in September compared to August, due to the impacts of school holidays and a long weekend in a number of states,” Ms Flaherty said.

“Even so, it was a busier start to spring, with new listings picking up from 12 months ago and sitting 4.5 per cent higher nationally.”

Ms Flaherty said an improvement in seller sentiment was a key driver behind the annual rise in the number of new listings.

“This time last year, sentiment among both buyers and sellers was declining, with the market in the midst of one of the most aggressive series of interest rate hikes ever undertaken by the Reserve Bank,” she said.

“Interest rates are now largely predicted to have reached their peak, having held steady since July.

“This has supported a recovery in sentiment which, according to realestate.com.au’s Residential Audience Pulse, has recorded a significant jump from the start of the year.

“While spring is typically the most popular time of year to sell a property, it isn’t uncommon for fewer new listings to be seen in September compared to August, with this occurring during five of the past 10 years.

“October, in contrast, has consistently recorded a monthly increase in for sale listings over each of the past 10 years, an outcome that may be repeated this year with strong selling conditions in most markets.”

Ms Flaherty said national property prices had climbed every month in 2023, recovering last year’s falls to reach a new peak in September.

“What’s more, the outlook for the property market remains strong, with interest rates likely at, or very close to, peak levels,” she said.

“Australia’s population is growing at record speeds which is driving increased demand for housing.”