Where buyers in the NT should be looking right now

Buyers looking to break into the market are expected to have more choice this Spring, with the number of new listings up in 34 house and unit suburbs across the Northern Territory.

Buyers looking to break into the market are expected to have more choice this Spring, with the number of new listings up in 34 house and unit suburbs across the Northern Territory.

The PropTrack Spring Property Special shows that the number of new listings has increased the most in Woodroffe, where they are up 150 per cent compared to the same time last year.

There, the median house price is still a first home buyer and family budget-friendly $455,000 despite price growth of 18.6 per cent over the past year.

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70 Harrison Cct, Woodroffe, is on the market for $475,000

Over 800 families call the suburb home, according to the latest ABS Census data.

All About Real Estate director Gabby Sawyer, who sells in Woodroffe, said anything between $400,000 and $600,000 was selling quickly.

“Nothing stays on the market long in that price bracket, anywhere,” she said.

“Darwin is more affordable than other cities and that means we are seeing some people moving here, and that is putting pressure on supply, for both buyers and renters.”

12 Baldwin Drive, Woodroffe, was listed for $475,000 and is now under offer

Ms Sawyer said that continued demand would continue to push up prices, adding that when Sydney and Melbourne prices went down, Darwin often saw the opposite occur.

But across the board, listings remain down on pre-pandemic years, so while there is a bit more choice compared to six or 12 months ago, demand continues to challenge supply.

Year-on-year, new listings across Australia are up 6.5 per cent but in Darwin they are up just 0.7 per cent, while in regional areas they are down a staggering 32 per cent, according to PropTrack.

New listings in Parap have improved, up 90 per cent compared to the same time last year, while in Nightcliff, new listings are up 79 per cent.

11 Notley Place, Parap, is on the market

For first home buyers shopping in the $300,000 to $500,000 price range, the suburbs of Moulden, Gray, Driver and Karama are worth a look.

Families with a budget between $500,000 and $750,000 will have a bit more choice now in 10 suburbs across Greater Darwin, but new listings remain flat or down in six suburbs.

For those with bigger budgets, listings have improved across all $750,000-plus suburbs.

The Northern Territory’s cheapest suburbs are Millner and Gillen, with median unit prices costing less than $260,000.

Dundee Beach is the state’s cheapest house market with a median of $262,500, up 19.3 per cent in 12 months.

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24 Lockwood Court, Moulden, is listed for $429,000

For buyers wanting the least competition per listing, Katherine East (houses) offers the least chance of FOMO in terms of the number of potential buyers per listing.

The same goes for units in Darwin City, and houses in Rosebery, Durack, Gunn and Bakewell.

For those looking to buy land and build, the latest Herron Todd White report revealed it was still an affordable option for buyers when comparing the price to established dwelling costs.

“The new build price stacks up as good value, even when taking into account the rising costs of construction that have been well documented across Australia,” according to valuer Cameric McDonnell.

“The biggest hurdle faced when speaking to other professionals in the industry is that the pace at which land can be planned, developed, titled and delivered to the new owner is slower than what the potential uptake can be.”

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WHERE LISTINGS ARE UP

Woodroffe 150%

Parap 90%

Nightcliff 79%

Farrar 64%

Rapid Creek 64%

Moulden 63%

Leanyer 50%

Bakewell 45%

Gunn 44%

Driver 43%

Malak 43%

Fannie Bay 38%

Moil 30%

Gray 26%

Larrakeyah 21%

East Side 21%

Bayview 20%

Bellamack 19%

Darwin City 14%

Millner 14%

Lyons 9%

Wagaman 9%

Karama 7%

Stuart Park 6%

Araluen 5%

Durack 0%

Muirhead 0%

Coconut Grove 0%

Alawa 0%

(Source: PropTrack, growth is based on year-on-year)

33 Martin Crescent, Coconut Grove, will go to auction on August 30