Darwin remains Australia's most affordable market - even after a five-figure price surge
Darwin has kept the mantle of the cheapest property market in Australia, but has shaken previous yips to clock a $28,000 house price rise in three months.
Domain’s latest House Price Report shows Australia’s enduringly most-affordable capital city has a median of $651,771 – a lift over the December 2024 quarter of 2.9 per cent.
Darwin’s surge was the second-highest rate of quarterly growth, for houses, of all the capitals.
Only Hobart outpaced Darwin over the quarter, with a 4.6 per cent median house price spike.
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HOUSES | STRATIFIED MEDIAN PRICE
|
|||||||
| Capital City | Dec-24 | Sep-24 | Dec-23 | Quarterly change | Annual change | Price peak achieved | Price from peak |
| Sydney | $1,645,444 | $1,646,790 | $1,593,723 | -0.1% | 3.2% | Jun-24 | -0.4% |
| Melbourne | $1,039,460 | $1,023,548 | $1,050,314 | 1.6% | -1.0% | Dec-21 | -4.9% |
| Brisbane | $1,016,192 | $993,107 | $916,484 | 2.3% | 10.9% | Dec-24 | 0.0% |
| Adelaide | $992,193 | $967,618 | $865,816 | 2.5% | 14.6% | Dec-24 | 0.0% |
| Canberra | $1,065,187 | $1,065,187 | $1,040,247 | 0.0% | 2.4% | Jun-22 | -9.2% |
| Perth | $913,011 | $898,477 | $764,185 | 1.6% | 19.5% | Dec-24 | 0.0% |
| Hobart | $712,851 | $681,289 | $700,646 | 4.6% | 1.7% | Mar-22 | -6.5% |
| Darwin | $651,771 | $633,149 | $623,728 | 2.9% | 4.5% | Dec-13 | -3.9% |
| Combined capitals | $1,165,345 | $1,152,250 | $1,102,174 | 1.1% | 5.7% | Dec-24 | 0.0% |
A buyer seeking a house for under $700,000 had better point their money at Darwin – the only option.
As positive as the price increase has been for Darwin over the immediate term, a longer-range analysis shows volatility.
It has still been the weaker city when measured from the market’s peak in March 2020 until December last year, according to Domain’s chief of economics and research Dr Nicola Powell.
“Darwin has been that interesting market,” Dr Powell says. “We have not seen as much growth in Darwin as we have seen in some of the other capital cities.
“If we do an analysis of what house prices have seen between now and the beginning of March 2020, Darwin house prices have increased 28 per cent – which is the second-weakest performer over that period of time compared to other capital cities.
“Brisbane, Perth, Adelaide, they have all seen above 70 per cent and Sydney increased 42 per cent over that period of time.
“The only one that was weaker than Darwin was Melbourne, which was 14 per cent.
“We have seen more subtle rates of growth overall in Darwin over this period. In 2024 for Darwin we have seen some consecutive price rises, which does go against that volatility we were seeing in 2022 and 2023.”
Dr Powell said a factor in Darwin’s long-term performance is a transient population, much like Canberra, with residents moving for work and then relocating elsewhere.
Darwin’s record house price is just more than $678,000, which was achieved in 2013.
However, locals will have enjoyed a shot of confidence from this latest price burst.
“You get this dynamic where locals see now is a good time to purchase, as prices remain below their price peak, and some owners will have benefitted from the rate of growth. There will be owners who are wanting to upsize and reap the benefits of the capital growth they have seen,” Dr Powell says.
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