Less choice for Darwin homebuyers

The Darwin property market has tightened with buyers faced with a 13 per cent drop in stock levels compared to a year ago.

The five-bedroom home at 45 Aralia St, Nightcliff, is newly listed for sale for $1.45m. Picture: realestate.com.au

The Darwin property market has tightened, with buyers faced with a 13 per cent drop in stock levels compared to a year ago.

The latest PropTrack Listings Report showed the number of new properties coming to market in Darwin dropped 7.6 per cent in September and 18 per cent in the past 12 months.

Total listing numbers in Darwin were down 6.8 per cent month-on-month and 13.4 per cent year-on-year.

PropTrack director of economic research, Cameron Kusher, said this was the greatest annual drop in choice of all capital cities.

In regional Northern Territory, new listing numbers plummeted by 22.1 per cent last month and 39.8 per cent compared to September 2023.

PropTrack director of economic research, Cameron Kusher. Picture: Supplied

Total listings in regional NT fell 0.9 per cent month-on-month but lifted 10.4 per cent year-on-year, a sign properties are sitting on the market.

Mr Kusher said across Australia, the lift in new listing volumes continued in September with all major capital cities and most other markets recording a year-on-year increase.

The PropTrack report showed nationally new listings increased 10.1 per cent in the past 12 months and total listings rose 6.5 per cent in the same time.

Of all the capital cities Canberra saw the biggest annual jump in new listings (+19.8 per cent) and total listings (+23.7 per cent).

Regional Queensland saw the biggest annual lift in new listings, up 8.5 per cent, while regional Victoria had the largest annual increase in total listings, up 19.6 per cent.

The home at 22 Thornton Cres, Moil, is on the market with a price guide of $720,000. Picture: realestate.com.au

“Sydney, Melbourne, Hobart and Canberra have been experiencing strong new listing volumes for over a year, and we’re now seeing the other capital cities follow suit with vendors more prepared to bring properties to market,” Mr Kusher said.

“New listing volumes have now been higher year-on-year in Sydney for 15 consecutive months, in Melbourne and Brisbane for six consecutive months and in Adelaide and Perth for five out of the past six months.”

Mr Kusher said the lift in new listings was giving buyers more choice and leading to a rise in total listings, which were up 7.7 per cent year-on year in the capital cities and up 5.2 per cent in the regional markets.

“The strength in new listings and the rising volume of total listings is affording buyers more time in their purchasing journey and contributing to the slowing of price growth,” he said.