June 4, 2023

The property at 3/19 Gulida Crescent, Lyons, is newly listed for sale for $675,000 as listing numbers drop in Darwin.

Darwin real estate activity has slowed according to new data but a local property expert says the market remains competitive.

The latest PropTrack Listings Report showed the number of properties coming to market in NT capital plummeted 22.8 per cent from March to April.

PropTrack Economist and report author Angus Moore it was typical for the Darwin market to slow in April due to public holidays but new listings were also down 14.4 per cent year-on-year.

“The quieter flow of new properties hitting the market meant there were slightly fewer (-0.4 per cent) total properties available for sale in April than in March, slightly reducing choice for buyers,” he said.

“Even so, choice remains reasonably good for buyers in Darwin.

“The total number of properties available for sale is higher than last year (up 4.3 per cent) and only slightly below where it was pre-pandemic.”

Andrew Harding from Ray White Darwin says demand is high in the Darwin property market.

Ray White Darwin principal, Andrew Harding said while stock was tighter in April, demand was up.

“The market has not cooled and we’re not seeing prices drop,” he said.

“We’re seeing properties turn over quite quickly and buyer numbers have increased.

“The average number attending open homes has gone up and, because interest rates levelled somewhat, more buyers are in a position where they’re ready to buy.”

Mr Harding said because of the competitive market, buyers were ensuring they were prepared to place an offer as soon as they found a home they wanted.

“More buyers are attending open home with finance pre-approvals … this puts them in a far greater buying position,” he said.

The home at 31 Melbourne Street, Johnston, is new to the market and listed for offers over $900,000.

Mr Harding said the quality of stock on the market was also driving up demand for well-presented properties.

“Because the interest rates have gone up, a lot of investors are selling rental properties so there’s not a lot of quality stock right now,” he said.

“When something of quality does come onto the market, it sells very quickly.”

Mr Harding said with investment properties selling, there were also less properties available to rent.

“This shortage of rentals is forcing renters into buying,” he said.

Mr Harding said he expected listing numbers to increase in May.

“Now is when we typically see a few more listings on the market and we are already starting to see that happening,” he said.

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