Darwin's fresh property inventory drops

The number of new properties in Darwin on realestate.com.au fell by 14.5% in the month to November, according to the latest PropTrack Listings Report.

Angus Moore, senior economist at PropTrack and author of the report, said new listings were also lagging behind the pace set for 2022, falling 9.9%.

“New property activity was slow during the month, meaning buyers had slightly fewer options compared to October,” he said.

“The total number of properties for sale was down 3.3% month over month, but still up 4.8% compared to a year ago.”

The three-bedroom home at 101 Cress, Arawa, Arawa is the first to hit the market in Darwin. Photo: realestate.com.au

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Ray White Darwin principal Andrew Harding said Prop Truck's data was consistent with what he was seeing in the local market.

“Darwin's real estate industry is understandably quiet at this time of year,” he said.

“Everyone is only focused on Christmas, but by early 2024 the market will be healthy and active again.”

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Harding said the increase in the total number of properties is likely due to the current two-tier market, where there is a clear divide between fixer-upper properties and move-in ready properties.

“Buyers in the market are looking for great-looking homes that are ready to go,” he said.

“Renovation costs are high and interest rates are pushing buyers' borrowing capacity to the limit, so buyers want properties that are move-in ready.

“Homes that aren’t turnkey stay on the market longer.”

Ray White Darwin Principal, Andrew Harding.Photo: Attached

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According to the latest PropTrack Market Trends report, the median days on market in Darwin is 76 days for homes and 81 days for units.

Mr Moore said the number of new listings in the Northern Territory fell by 6.3 per cent in November, but rose by 13.8 per cent on the same month last year.

This resulted in a 2.1% month-on-month increase in total listing value and a 14.6% increase compared to November 2022.

Nationally, the number of new listings decreased by 3.5% in November, but increased by 4.7% for the year.

The total number of listings increased by 3.1% in the month and by 4.5% compared to the same month last year.

“Improved sales conditions, greater interest rate certainty and the fact that prices are rising compared to last year's decline are supporting vendor confidence,” Moore said.

“Further rate increases are possible, which could have a negative impact on seller sentiment, but market pricing suggests that the market is not expecting further rate increases and rates could fall next year. Suggests.

“Longer term, a tight rental market, strong population growth and rising wages will continue to support fundamental demand for real estate.”