Darwin’s average property price drops 0.8 per cent in a month

Top End property prices have fallen for the first time this year, CoreLogic data shows. Here’s an expert’s forecast for the next 12 months.

Darwin’s average property price has dropped for the first time this year, CoreLogic data shows. Picture: Tourism NT

Fear around interest rates is being blamed for a dip in Darwin property prices.

The average house price in the Top End dropped by 0.8 per cent during October, the latest CoreLogic Home Value Index shows.

In the previous month, the figure remained stagnant.

It marks Darwin’s first drop in the Index during a year of steady growth.

However a real estate agent says we are not heading towards a downward trend, unlike other Australian cities.

Raine & Horne Darwin general manager Glenn Grantham said Darwin would not experience the same fall as Sydney and Melbourne as it was yet to reach a peak.

Raine & Horne Darwin general manager Glenn Grantham says a strong demand for rental properties in the Top End is also helping fuel the real estate market. Picture: Keri Megelus

“We weren’t at a peak and we still haven’t reached our peak,” Mr Grantham said.

“It’s a minor drop off around the interest rate scare but I don’t believe we’re headed on a downward trend.

“Especially as we run into Christmas, it’s traditionally a slow time in the Darwin market as everyone runs off down south.

“But some areas, like those around Zuccoli and Durack, are currently selling for anywhere up to 5 per cent higher than six months ago.”

The CoreLogic monthly report also showed Darwin was the only capital city that kept pace with its average flow of new listings.

Mr Grantham said that indicated the strength of the market despite the nationwide influence of rising interest rates.

“The Darwin market has moved contrary to every other market in Australia for the last 35 years,” Mr Grantham said.

The average asking rent in Stuart Park is $864/week for houses and $579/week for units, according to SQM Research data for November 2022. Picture: Supplied.

“Our isolation and economic impact of all the spending coming up will increase our population and naturally that mean prices have to go up.

“I believe the Darwin market will steady itself and move upwards over next 12 months.

“My prediction anywhere up to 10 per cent in next 12 months based on infrastructure projects.”

Over the past year, CoreLogic data showed Darwin had the third highest growth rate in property prices at 4.9 per cent.

Adelaide came out on top with a 16.5 per cent rise while Brisbane was second at 8.4 per cent.

Sydney’s average has dropped 8.6 per cent in the last year and Melbourne has fallen 5.6 per cent.

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