The PropTrack Listings Report has highlighted a 125% surge in new Darwin listings on realestate.com.au from December to January, offering Darwin buyers substantially more options than the previous year. This increase is part of a broader trend of heightened property market activity in the Northern Territory.
Angus Moore (pictured above), PropTrack’s senior economist and report author, noted that Darwin buyers now have a wider selection of properties to choose from compared to last year.
In addition to the monthly surge, Darwin’s new listings on realestate.com.au grew by 24.2% year-on-year in January, with total listings also on the rise. The regional NT market echoed this growth, with a 25% increase in new listings compared to the same time last year, despite the small and volatile nature of the regional market, News Corp Australia Network reported.
The PropTrack data also showed that new listings in regional NT saw a month-on-month increase of 22.2%, despite a 2.3% drop in total listings in January. However, on a year-on-year basis, total listings surged by 25.2%.
Across Australia, January saw a boost in new listing activity, with significant upticks in Sydney and Melbourne.
While all capital cities enjoyed month-on-month increases, Darwin’s annual growth was notable, positioned just behind Canberra (102.7%), Melbourne (27.8%), and Sydney (27.7%) but well ahead of other capitals. Adelaide’s increased by 9.9%, Brisbane, by 4.8%, and Hobart, by 4.3%. Perth was the only one to see a drop year-on-year with -0.4%.
The combined capital city market experienced a significant 115.2% increase in new listings on a month-on-month basis and a 16.9% rise annually. Similarly, in the combined regional market, new listings for January increased by 21.6% month-on-month and matched the capital cities' annual growth rate at 16.9%.
The increase in property listings comes amid strong demand, low unemployment, and population growth, coupled with tight rental market conditions and a stable outlook for interest rates.
Following a hold on interest rate changes in February, the market anticipates potential rate decreases later in the year, underpinned by controlled inflation expectations and financial market predictions, Moore said.
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