News Corp Australia Network

New listings are down but total listings are up in Darwin. Picture: Keith Francis

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Darwin’s property market has seen a decline in fresh stock with new listing numbers trailing 2022 figures, even though buyers have more choice compared to a year ago.

The latest PropTrack Listings Report showed new Darwin listings on realestate.com.au had dropped 14.5 per cent in the month to November.

PropTrack senior economist and report author, Angus Moore said new listings also lagged behind the pace set in 2022, down 9.9 per cent.

“The quieter month of new properties meant choice for buyers declined a little compared to October,” he said.

“The total number of properties listed for sale was down 3.3 per cent month-on-month, but remained 4.8 per cent higher than a year ago.”

The three-bedroom home at 101 Alawa Cres, Alawa, is new to the market in Darwin. Picture: realestate.com.au

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Ray White Darwin principal, Andrew Harding said the PropTrack data aligned with what he was seeing in the local market.

“Darwin is naturally quiet for real estate this time of the year,” he said.

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

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Mr Harding said the increase in total listings was likely due to the current two-tier market, where there is an obvious divide between fixer-upper and move-in ready properties.

“Buyers in the market want turnkey, well-presented homes,” he said.

“Renovation costs are high and interest rates have maxed out buyers’ borrowing capacity, so they want a property that is move-in ready.

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

Ray White Darwin principal, Andrew Harding. Picture: Supplied

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

Mr Moore said in regional NT new listings were down 6.3 per cent in November but up 13.8 per cent year-on-year.

This contributed to total listing sitting at 2.1 per cent higher month-on-month and up 14.6 per cent compared to November 2022.

Nationally, new listings were down 3.5 per cent in November but up 4.7 per cent annually.

Total listings were up 3.1 per cent for the month and 4.5 per cent year-on-year.

“Improved selling conditions, more certainty about interest rates, and the fact that prices are growing, compared to declines last year, are supporting vendor confidence,” Mr Moore said.

“While there is a possibility of further interest rate increases, which could negatively affect buyer and seller sentiment, market pricing implies that markets are not expecting further increases, and that there is the possibility of declines next year.

“Over the longer-term, tight rental markets, strong population growth, and growing wages will continue to support fundamental demand for property.”