Darwin home prices hit new high
The latest PropTrack Home Price Index revealed home prices in Darwin were up 0.07 per cent in July, pushing them up 6.6 per cent to a median of $531,000.
The median house price was up 0.03 per cent month-on-month and 6.48 per cent year-on-year to $604,000.
In the unit market, the median was $410,000, up 0.2 per cent in July and 7.44 per cent in the past 12 months.
REA Group economist Anne Flaherty said while Darwin home prices increased 34.73 per cent in the past five year, the city remained the most affordable capital in the country.
Sydney was in first place with a median home price of $1.19m, followed by Brisbane ($919,000), Perth ($847,000), Adelaide ($845,000), ACT ($835,000), Melbourne ($824,000) and Hobart ($665,000).
The report found regional NT home prices lifted 0.06 per cent over the month to sit 2.72 per cent higher year-on-year in July, yet remained 2.3 per cent below their peak in June 2022.
'Over the last five years, regional NT home prices have grown 9.6 per cent – the smallest growth of all markets,' she said.
The PropTrack report showed Australia's median home price hit a new record high in July, rising by 0.3 per cent across the month and 4.9 per cent across the year to $827,000.
'The median value of a house is now sitting at $915,000 nationally, with units at $678,000,' Ms Flaherty said.
'Despite the Reserve Bank's surprise decision to keep interest rates on hold in July, prices rose in all cities bar Canberra.
'Yet the pace of growth did slow down in July, resulting in the smallest monthly growth seen this year.'
Ms Flaherty said regional areas outperformed capital cities counterparts in most markets, recording stronger growth over both the month and the year.
'South Australia remains the strongest market, with Adelaide and regional SA the two top performing regions in the country,' she said.
'While the number of homes for sale has slowed over winter, buyer demand remains strong, with auction clearance rates sitting at the highest level in more than two years.
'Home prices are expected to break into new territory later this year, with further interest rate cuts expected to add momentum to price growth.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
ABC News
19 minutes ago
- ABC News
Oberon truffiere first in Australia certified free from banned chemical
As Australia's truffle industry continues to grow, a truffiere on the New South Wales Central Tablelands has become the first in the country to be certified free of a banned residual chemical. Japan rejected several shipments of truffles from Australia in 2023 due to detections of organochlorine (OC) over the country's maximum residue limits. OC is a chemical that has been banned in Australia since the 1990s and is typically found in various pesticides. Japan, Australia's second-largest export market for truffles, has a three-strikes rule whereby if there are three detections of OC, the entire Australian industry would be banned from exporting truffles to their country. In response to the first detection, the Australian Truffle Industry Association (ATIA) introduced the 2025 National Soils Testing Protocol, certifying truffieres were free from OC. The testing is part of a recently introduced broader program of best practice called TruffleCare. Redground Australia, an Oberon-based truffiere — otherwise simply known as a truffle grower — has been issued the first certificate of compliance under ATIA's National Soils Testing Protocol for Residues of Persistent Chemicals. "It means our customers, our clientele, can be assured that the product that they are receiving, whether it's in Australia or overseas, is clean and free of residues," said the owner and managing director of Redground Australia, Jill O'Grady. While Ms O'Grady said it was a lengthy process to secure the certificate — including getting accredited soil tests and looking at where their trees had come from — it was a vital step for industry. ATIA vice-president Noel Fitzpatrick said the certification gave exporters confidence in their truffles. "This is going to become more and more important over time as we build up export markets, but also the farms within Australia," he said. Truffles are a subterranean fruit of fungi growing on the roots of host trees and are often used as a flavour enhancer on top of savoury dishes. Despite only beginning to market truffles 25 years ago, Australia is the fourth-largest producer in the world, growing an estimated 20 tonnes of truffles per year. This has grown significantly over the past few decades, with production projected to double or triple within the next 10 years. Mr Fitzpatrick said creating the TruffleCare program was vital to ensuring each Australian truffle business produced a high-level product. "We're always looking at quality assurance in the industry so we can maintain our standing on the global market and make sure that we are leaving no stone unturned to produce the best quality that we can to maintain those markets," he said. The Australian truffle industry is estimated to have a gross value of $40 million per year and is made up of about 400 growers. Seventy per cent of growers are in the southern forests region of south-west Western Australia, according to Agrifutures. Truffles in general prefer warm summers and cold winters, with some incidence of frost and deep, well-draining and high pH soils. Because of this, most Australian truffieres generally need to modify soils. Decades ago, farmers would use insecticides such as Dieldrin and DDT to kill and deter pests in the soil from eating their crops. These were all part of the OC (organochlorine) family, which Australia banned in the 1990s. The Department of Climate Change, Energy, the Environment and Water said OCs generally resisted degradation by chemical, physical or biological means, meaning they were toxic to humans and other animals. OCs are said to have serious short and long-term impacts at low concentrations, as well as non-lethal effects such as damage to the immune and reproductive systems. Despite being banned for decades, the chemical has a residual effect, potentially taking hundreds of years to deplete from the soil.
News.com.au
an hour ago
- News.com.au
Why Hyundai's boss says it is doing a ‘terrible job'
Hyundai's new Australian boss says the brand has 'ground to make up' after doing a 'terrible job' selling electric cars in Australia. Don Romano took over as Hyundai's Australian chief executive in March after a stint in Canada, where the brand has a strong share of electric vehicle sales. But in Australia, Hyundai's EV performance is less impressive. The critically acclaimed Hyundai Ioniq 5 and Ioniq 6 duo attracted just over 500 combined sales in the first six months of the year, placing them well behind rivals such as the Tesla Model Y (10,431) and Model 3 (3715), BYD Sealion 7 (3756) and Seal (1609), Kia EV5 (2765), MG4 (2268), Geely EX5 (1845) and Polestar 4 (676). 'We have ground to make up,' Romano says. 'We do a terrible job with our EVs … we are not doing the job we should be. 'Our market share of electric vehicles is extremely low relative to our market share of total vehicles and the only explanation for that is that we haven't put enough focus on it because I can see other electric car companies that are … doing a much better job with their EVs than they do with their ICE [internal combustion engine vehicles]. 'We're the opposite.' Romano believes Hyundai's previous managers made mistakes, including a decision to bypass the brand's dealer network to sell cars such as the Ioniq 5 directly to customers. 'We went around our dealers,' Romano says. 'So, we have a job to do to get our dealers back in the game and to let them know that no, we are going through our dealer body and that you are an important part of the distribution process.' Romano's experience in North America differs from Australia. In the US and Canada, General Motors has the largest EV share behind Tesla. But here, Chinese brands such as BYD have an enormous role to play in the market, making competition tough for Hyundai. Hyundai's cheapest Inster EV starts from about $43,000 drive-away, roughly $10,000 more than the BYD Dolphin. The Ioniq 5 SUV is about $15,000 more than BYD's Sealion 7, and the Ioniq 6 sedan starts $27,000 upstream from the equivalent BYD Seal. 'The real issue when you talk about competitiveness is probably when you look at Chinese EVs, and the question I'd have is 'how long can they sustain that low price' when we're all using the same materials and the same equipment?',' he says. 'Eventually, when you look at the same systems that are used to build these cars and the same equipment and the same material, eventually, it comes to an equilibrium where we're all having on the same cost factor that we're going to have to all live with. 'And then the pricing really just comes down to what it takes to distribute the cars and market the cars. So I don't think any change in our competitive pricing is something that is a long-term issue. I think we're going to ultimately all be in the same bandwidth on a car-by-car basis. 'I don't know how they do it other than, you know, I read the same things you do about government intervention and support … 'It's one big world that we all live in and we're all going to be living in the same economic environment, so whatever advantage one country has over another, and I've seen this happen in my 40 years, where it used to be cheaper to build in one country than another, and then suddenly it's just as expensive, I think that's ultimately going to happen. 'Whether that's in my lifetime or not, that I can't answer. But for right now it appears they have it.'
News.com.au
an hour ago
- News.com.au
2025 Nissan Ariya prices and details
Nissan has finally confirmed Australian details for its long-awaited Ariya electric car. Landing in showrooms six years after it was unveiled in concept form and more than three years after going on sale in Europe, the Ariya's debut was delayed by government red tape surrounding Australian Design Rules that require a unique 'top tether' anchor point for child seats. Its arrival has been timed to help soften the blow of new emissions laws that punish popular – but thirsty – cars such as the Nissan Patrol. The brand's long-awaited alternative to the Tesla Model Y shapes up as a family-friendly SUV of a similar size to the Volkswagen ID. 4 and BYD Sealion 7. Set to arrive in September, the Ariya has sharp prices that undercut some rivals. Priced from $60,595 drive-away, the entry-level Nissan Ariya Engage undercuts the cheapest Tesla Model Y by about $3500. Nissan's 12.3-inch digital dash and 12.3-inch infotainment screen are great to have, as is the brand's 'ProPilot' suite of driver assistance features that can handle stop-start traffic jams. But a closer look at the Nissan's spec sheet shows where the brand has cut corners. Equipped with a front-mounted motor as standard, basic front-wheel-drive versions of the car have 160kW of power and need 8.0 seconds to reach 100km/h, making them significantly slower than a rear-wheel-drive Tesla, which needs 5.9 seconds to reach the same mark. The Ariya's 385km claimed range also lags behind the Tesla's 466km. And the basic Ariya promises to be a cold place on winter mornings. Most electric cars have heated seats as standard – the cheapest Tesla Model Y has them in the front and rear – as EV cabins can take longer to warm up without a hot combustion engine under the bonnet. Nissan customers who want heated seats in the front and rear need to upgrade to the Ariya Advance + for $68,995 drive-away. The model also benefits from a larger battery with 504km of claimed range, plus a 10.8-inch head-up display, panoramic sunroof, ventilated front seats and a power sliding centre console. At the top of the range, the all-wheel-drive Nissan Ariya e-4orce adds a rear-mounted electric motor to effectively double its power output, resulting in a 0-100km/h time slashed to 5.6 seconds. It also has Nappa leather, 20-inch wheels and upgraded towing capacity to help justify an asking price of about $77,395 drive-away. The brand has not confirmed an Australian debut for the sportier Ariya Nismo model. Nissan's key advantage over the likes of Tesla is a 10-year warranty that applies to models serviced throughout its considerable dealer network. Customers who service their cars externally get a five-year guarantee. Warwick Daly, deputy director of marketing and mobility, Nissan Australia, said it is 'exciting to see Nissan's long history in the Australian electric vehicle space continue in the Ariya, which pairs incredible design, a clever and spacious interior, intelligent driving systems with advanced battery and motor technology to deliver a truly thrilling drive'. 'Understandably, a lot of people have been waiting for the Ariya to arrive in Australia, and I'm so excited that customers can now place orders,' he said. The Ariya is a vital part of the strained Renault-Nissan-Mitsubishi alliance.
