Darwin property market data, trends, forecasts

Darwin property market news

The Darwin property market has, like most of Australia, had its ups and downs since the pandemic. After the boom in 2021 sent prices surging by more than +30 per cent, rising interest rates caused the Darwin market to dip later into 2022. 

Since that time, prices have been more stable from month to month according to the latest CoreLogic data, mirroring the relative plateau that other smaller capital cities have seen throughout 2024. 

Darwin property prices - September 2024

While conditions have been more subdued in Australia's most affordable capital city, annual growth is still in positive territory. New listings in September were -13.8 per cent lower than 12 months ago while total listings fell a full -24.7 per cent, so there's a major shortage of supply in 2024 as sellers hold out. By comparison, sales volumes were up +9.4 per cent year-on-year, suggesting buyer demand has been rising. 

Darwin's median Days on Market (DOM) has seen a significant improvement, quickening from 67 days in September 2023 to 49 days in 2024, again reflecting a more active market on the buyer's end.

Darwin house prices

High interest rates and poor affordability have slowed house price growth compared to units in many markets around Australia over 2024, but in the NT, houses have continued to outperform. 

Darwin house prices - September 2024

Darwin's median house price notched up by +0.1 per cent in September and, while growth remains negative for the quarter, annual gains are in the green at +3.4 per cent. That's brought the city's median house value close to $593,000.

Darwin unit prices

Darwin's unit market has underperformed compared to houses, fluctuating from month to month but overall slipping into negative territory throughout 2024.

Darwin unit prices - September 2024

The median unit price in Darwin increased by +0.2 per cent in September, but that's followed some slow months, with quarterly movement sitting at -1.2 per cent. Over the past 12 months, Darwin unit values have dipped by -0.8 per cent, bringing the city's median price to nearly $354,000.

Darwin property market forecast 2024-25

Darwin property prices may have seen slower movement in 2024, but they remain more than +25 per cent higher than pre-pandemic levels, meaning homeowners who have held onto their property for at least a few years are likely to have seen significant growth. With a cooler market now in the face of high interest rates, will there be further gains up ahead? 

KPMG's latest Residential Property Market Outlook report does forecast a stronger 2025, with houses expected to outperform units. 

KPMG's Darwin property price forecast 2024-25

Whether or not this growth can be achieved still largely depends on the supply and demand dynamic over the coming months. High interest rates had extensive impacts on the market and, while there is now a period of stability, the high rate environment is still causing stress for buyers and homeowners alike. 

Currently, the RBA sits at 4.35 per cent, a long way up from the emergency-level 0.1 per cent rate borrowers were enjoying until May 2022. The banks mostly expect there will be no further hikes, with rate cuts to begin in the later stages of 2024 or early in 2025.

Big four banks' cash rate forecast 2024-25

Darwin house price graphs and charts

The latest Darwin property price graph from CoreLogic's monthly chart pack clearly shows the historic high of the 2021 boom followed by the interest rate-driven decline of 2022 and subsequent levelling off in 2023 and 2024.

Darwin property info for sellers

CoreLogic's data points to Darwin home sellers being in a relatively strong position at this point in 2024 with low listings, strong sales volumes, and Days on Market decreasing. Prices have stabilised over the year but forecasts are predicting further growth is to come.

Property investing in Darwin

Darwin looks to be a reliable option for investors looking for affordable property with strong cash flow. The city's 6.8 per cent gross rental yield is significantly higher than any other capital city and vacancy rates are holding low despite asking rents not growing at the same pace as the rest of the country.

Top 4 Darwin suburbs for annual growth