Less choice for Darwin homebuyers

New property listings have dropped year-on-year in Darwin. Picture: Che Chorley

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Darwin homebuyers are faced with fewer options than a year ago as the latest data shows the number of properties for sale in the NT capital dipped year-on-year.

The latest PropTrack Listings Report showed the number of new Darwin listings on realestate.com.au increased 10.5 per cent in October but were down 12.6 per cent compared to 12 months ago.

PropTrack Director of Economic Research, Cameron Kusher said Darwin was the only market nationally to see a drop in new listings year-on-year

“Overall stock remained below October 2023 levels, as total listings fell by 0.9 per cent in October to sit 17 per cent lower than a year earlier,” he said.

Regional NT recorded a surge in new listings, up 57.4% month-on-month.

“This is the highest monthly growth of any capital or regional market in October,” Mr Kusher said.

“The rise in new listings saw total listings increase by 2.7 per cent over the month and 10.7 per cent year-on-year in October.”

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Cameron Kusher from REA Group

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Nationally, new listings surged 20.9 per cent in October as capital city new listings reached the highest volume for the month of October in a decade.

Capital city new listings were up 23.2 per cent monthly and 15.2 per cent annually while regional new listings were up 17 per cent in October and 11.9 per cent year-on-year.

“Buyers across Australia enjoyed greater choice in October, with all markets recording a monthly jump in new listings and most markets proving far busier than at the same time last year,” Mr Kusher said.

“Sydney and Melbourne recorded a year-on-year jump in new listings, despite the heightened new listing volumes this time last year, while Perth, Canberra and Brisbane saw the largest annual increases.”

Mr Kusher said as new listing volumes surged, total listing volumes also increased.

“They’re up 8.7 per cent year-on-year and at their highest point since November 2020,” he said.

“Heightened levels of stock for sale affords buyers more choice and removes some purchasing urgency from the market.

“We’re seeing a more balanced dynamic between buyers and sellers than we have in recent years, with conditions quite favourable for purchasers in cities like Sydney and Melbourne.

“A range of factors may have led to the strong growth in new listings, such as recent price gains enabling some homeowners to upgrade, while prolonged high interest rates may be prompting others to sell.”