Northern Territory real estate; Top End housing market; Darwin property market cooling

A new market analysis has claimed the Darwin property market has lost its buoyancy and can no longer be counted among the nation’s growth market despite prestige property performing well.

The Hotspotting Price Predictor Index for Winter 2023 found the real estate market in the NT’s capital was “lukewarm at best” with some bright spots.

Hotspotting director Terry Ryder said this was after a PPI three months earlier finding Darwin to be “one of the busiest and most buoyant markets among the capital cities” with an increase in suburbs classified as consistency markets.

“Since we wrote that report, the market has shifted in a negative direction,” he said.

“While there continue to be some notably consistent suburbs in the Darwin and Palmerston LGAs, the biggest shift has been an increase in the number of suburbs classified as plateau or declining markets.”

The report found 19 of the 33 suburbs in the Greater Darwin area were either plateau or declining markets with only two rated as rising markets.

“The most positive element of the Darwin market is the performance of the more expensive areas,” Mr Ryder said.

“The upper end of the Darwin market is characterised by sales consistency and continuing price growth.

“Nightcliff, Stuart Park and Rapid Creek are all classified as consistency markets and all have performed well with prices.”

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Darwin property market heading towards new highs

Mr Ryder said in Darwin’s most expensive suburb, Nightcliff, the median house price rose 2 per cent to $960,000 in the March quarter (up 8.5 per cent in the 12 months to March).

In Stuart Park, the median house price rose 5per cent in the three months to March to $825,000 (and up 10.5 per cent in 12 months), while the median apartment price was unchanged in the quarter ($435,000) and up 2per cent annually.

In Darwin City, the median price for apartments rose 2 per cent in the March quarter to $450,000 (up 6 per cent in annual terms) and in neighbouring Larrakeyah, the median apartment price rose 3.5 per cent in the three months to March to $425,000.

In Rapid Creek the median prices for houses ($780,000) and apartments ($405,000) remained steady in the three months to March and were up about 7.5 per cent in the 12 months to March.

The report found Palmerston also has some consistent performers, including the suburbs of Durack, Gunn and Zuccoli.

In Alice Springs, the seven suburbs include three declining and three plateau markets.

The Katherine market has also faded recently, having been previously ranked as a consistency market.

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