News Corp Australia Network

The home at 6 Bilanggurra St, Lyons, is new to the market at $825,000. Picture: realestate.com.au

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Darwin homebuyers have more choice compared to a year ago with the latest data from PropTrack showing listing numbers were up in the NT capital.

The August PropTrack Listings Report found new listings for Darwin on realestate.com.au increased 24.1 per cent in August.

PropTrack Senior Economist and report author Angus Moore said Darwin listing activity remained quieter year-on-year, with 5.4 per cent fewer new listings compared to August 2022.

“The busier month of new listings did help improve choice for buyers, with the total number of properties listed for sale across Darwin in August lifting 3.4 per cent compared to July,” he said.

“That helped to lift the total number of properties listed for sale across Darwin to be 4.9 per cent higher than a year ago.”

PropTrack economist Angus Moore. Picture: Supplied

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Mr Moore said in regional NT new listings were also up 25.4 per cent for August and 13.5 per cent higher than a year ago.

Total listings were up 3.5 per cent month-on-month and 9.3 per cent year-on-year.

Mr Moore said housing markets throughout Australia experienced a busier-than-usual end to winter, with the volume of new properties hitting the market up on the same time last year.

“Nationally, new listings on realestate.com.au were up 20.5 per cent month-on-month in August,” he said.

“New listings were up 4.1 per cent compared to the same time last year, marking the first positive year-on-year change since August 2022.”

Mr Moore said selling conditions and home prices also improved compared to late 2022.

“Home prices nationally have continued to recover, posting their eighth consecutive month of growth in August,” he said.

“Home prices nationally are now just 0.8 per cent below the March 2022 peak.

The property at 20 Parkside Cres, Leanyer, is newly listed for sale for $639,000. Picture: realestate.com.au

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“Auction clearance rates remained solid through winter and have improved from the levels recorded in late 2022.

“The cash rate has remained steady at 4.1 per cent for three consecutive months.

“While there may still be further interest rate increases, markets are pricing in only a small probability of that occurring.

“Inflation appears to be heading back towards target at a pace consistent with the Reserve Bank’s expectations.”

Mr Moore said the fundamentals of housing demand remained strong.

“Unemployment remains very low by historic standards, although it has edged higher recently,” he said.

“Rental markets remain extremely tight across much of the country, and rents are growing quickly amid strong demand and limited rental availability.

“International migration and population growth are forecast to remain strong, which will further add to housing demand.”