The NT’s top 20 price growth suburbs revealed

Home values in the Northern Territory have soared, with one suburb recording a 52 per cent increase in 12 months. See the top growth stars!

The Northern Territory’s top price growth suburbs have been revealed, with one suburb recording a whopping 52 per cent increase in sales price over the past 12 months.

Exclusive data from PropTrack shows that Nightcliff was the top suburb for median house price growth in the 12 months to July 31, with the sought-after suburb now commanding a median of $999,500.

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It is poised to become Darwin’s second million-dollar suburb, with Fannie Bay the city’s most expensive house suburb with a median price of $1,026,500 after 34.3 per cent growth in its median house price.

But there are already properties selling well north of the Nightcliff median, with a residence recently selling for $1.4m.

Another sold for $1.5m in July.

Elders Real Estate Darwin agent Darren Hunt, who sold the $1.4m house, said Nightcliff was enjoying the benefits of eastern migration, whereby buyers were shifting from overcooked markets into the relatively affordable prestige markets in Darwin.

“It is the east coast buyers and local upgraders who are making the move closer to the beaches, amenities,” he said.

“Whether you are entering the marketing or buying at $1m-plus, these suburbs have dwellings on offer that similar suburbs in the eastern states just don’t.

“Our price growth have been really steady, sustainable, and a lot of the big factors like rate rises and value drops, they have been centred on the eastern states.”

But Nightcliff is not the only suburb that has seen stellar price growth.

Two suburbs have posted price growth north of 40 per cent – Ludmilla (houses +45%) and Bakewell (units +44.7%).

Wagaman home prices have soared 30.8 per cent.

Central Real Estate director Daniel Harris said that the Darwin market was experiencing a “good run” between $800,000
and $1.3m in particular.

“There is this common misconception that prestige property in Darwin is being snapped up by interstate buyers but there is a lot of locals upgrading,” he said.

“We are not seeing the downturn like they are in Sydney and Melbourne, with good real estate doing well.”

Darwin’s most expensive sale ever was recorded in April, a jaw-dropping $8.5m for this mansion at Fannie Bay

Mr Harris said that the market was not as “frenetic” as it was during the pandemic property boom, saying it was neither a buyers or sellers market.

“There are some buyers who think that what is happening down south is happening here and making offers well below were the market is at,” Mr Harris said, adding “they are trying it on”.

“Darwin is still the cheapest capital in Australia and there is still room (for prices) to grow.

“There are still plenty of interstate buyers, tourism is cranking up, rental yields are strong.”

The other top growth suburbs were Ludmilla (+45%), Wagaman (+30.8%), Muirhead (+28.6%) and Rapid Creek (27.4%).

Outside of Darwin, the strongest house market was Dundee Beach (+19.3) while the strongest unit market was Bakewell (+44.7%). Only two NT suburbs saw prices fall for units – Sadadeen (-10.5%) and Gillen (-10.3%) – both in Alice Springs.

Darwin’s most expensive sale ever was recorded in April, a jaw-dropping $8.5m for a mansion at Fannie Bay.

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TOP GROWTH STARS

Houses

1 Nightcliff $999,500 52.00%

2 Ludmilla $804,500 45.00%

3 Wagaman $582,000 30.80%

4 Muirhead $720,000 28.60%

5 Rapid Creek $860,000 27.40%

6 Gray $430,000 27.20%

7 Stuart Park $790,000 27.20%

8 Fannie Bay $1,026,500 19.40%

9 Dundee Beach $262,500 19.30%

10 Woodroffe $455,000 18.60%

11 Araluen $570,000 17.00%

12 Karama $485,000 15.50%

13 Millner $582,500 15.30%

14 Parap $840,000 15.10%

15 Moil $545,000 14.70%

16 Alawa $555,000 14.00%

17 Jingili $569,500 13.90%

18 Nakara $612,500 13.30%

19 Lyons $731,750 12.80%

20 Katherine East $371,000 12.40%

Units

1 Bakewell $340,000 44.70%

2 Fannie Bay $533,500 22.60%

3 Rapid Creek $400,000 22.10%

4 Leanyer $330,000 22.00%

5 Parap $406,000 16.00%

6 Rosebery $390,000 11.40%

7 Coconut Grove $345,000 11.30%

8 Nightcliff $410,000 10.80%

9 Bayview $520,000 8.30%

10 Millner $252,000 7.20%

(PropTrack Spring Market Report)