Booming Darwin dwelling prices, rents set new annual growth records, CoreLogic data shows

Darwin home values have risen a staggering 21 per cent in the past year and rents have jumped by even more, setting new records for annual growth in the city, according to new data.

DARWIN home values have risen a staggering 21 per cent in the past year, setting a new record for annual growth in the NT capital just one month after the previous record was smashed, new data shows.

CoreLogic’s Hedonic Home Value Index, released on Thursday, shows Darwin dwelling values skyrocketed 21 per cent between June 2020 and June 2021, surpassing their 20.3 per cent annual growth rate recorded in May 2021.

House values jumped by 21.4 per cent, to reach a median value of $567,842, while unit values rose 19.8 per cent to a $337,048 median.

According to the data, Darwin’s annual growth rate for dwelling values was the highest in the country.

The statistics also show dwelling rents in Darwin increased by 21.8 per cent over the same time period, in what is also a new record for the city and represented the steepest growth nationwide.

House rents surged by 23.6 per cent, and unit rents jumped 19.2 per cent.

The Darwin CBD. Picture: Che Chorley

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However, CoreLogic head of research Australia Eliza Owen said while the Darwin market was still booming, more recent data appeared to show price and rental growth in the city was starting to slow down.

“Darwin’s average monthly growth rate for the first five months of the year was 2.1 per cent, and then in the month of June, the monthly growth rate slowed to 0.8 per cent,” she said.

“For dwelling rents … there’s been some softening in the growth rate there as well.

“Prices across Darwin have seen very strong growth but the heat is coming out of the market now as there’s been a bit of a shift in supply and demand dynamics, and this story applies across both purchase prices and rents.” Ms Owen also said Darwin dwelling values were coming off such a low base that despite their massive recent growth, they remained 16.7 per cent below their peak in May 2014.

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