Darwin property prices skyrocket 16% in one year – realestate.com.au

House prices in Darwin have risen by more than $100,000 in the past year, with new data showing property values ​​have hit a new peak in the NT capital.

The latest PropTrack Home Price Index showed Darwin house prices rose 0.5 per cent in February, contributing to an annual increase of 16.2 per cent.

As a result, the average home price rose by $89,800 in twelve months to a new peak of $598,000

House prices in Darwin also rose 0.5 per cent month-on-month and 16.4 per cent year-on-year in February, with the average house price rocketing by $102,700 to $680,000 over the past year.

In the Darwin unit market, prices rose 0.7 percent in February and 15.5 percent last year.

The average unit price rose $61,700 year over year to $456,000.

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The property at 9 Brinkin Tce, Brinkin, sold in February for $1.165 million. Image: realestate.com.au

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In the regional NT, the average house price fell slightly in February, down 0.1 per cent, but rose 0.8 per cent year-on-year to $342,000.

This was 2.6 percent lower than the most recent peak in June 2022.

Home prices fell 0.2 percent month-on-month, but remained stable throughout the year, reaching an average of $364,000.

Unit prices in the regional NT rose 0.1 per cent in February and 4.1 per cent annually to $319,000.

Nationally, the median home price increased by $89,500 over the past year to $897,000.

Senior economist and author of the REA Group report, Eleanor Creagh, said Australian house price growth increased in February, in line with the seasonal increase in housing market activity after the festive season.

“Prices rose in every capital, while nationally they are now 9.1 percent higher than a year ago,” she said.

“The national increase marks the fastest annual growth rate since June 2022.”

Eleanor Creagh, senior economist at REA Group. Image: supplied

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Ms Creagh said the strongest conditions remained concentrated in markets where buyer demand had been challenged by tight supply, particularly Perth, Darwin, Brisbane and Adelaide.

“Notably, Hobart has accelerated again, posting its strongest monthly gains in February, with the overall share price down around 30 per cent over the past year,” she said.

“In each of these capital cities, except Hobart, unit growth is outperforming housing growth on both a quarterly and annual basis as buyers focus on more viable options.”

Ms Creagh said the Reserve Bank’s rate hike in February would weigh on borrowing capacity at the margin.

“(However) tight labor market conditions, population inflows, investor activity and the expanded Home Guarantee Scheme have strengthened demand, with the limited supply of new homes providing a floor to prices,” she said.

“These factors point to further price gains.

“Although the period ahead is likely to see slower and more uneven growth as affordability constraints and future interest rate increases slow growth into 2026.”