Fannie Bay is Darwin’s latest million dollar suburb.

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Darwin’s most expensive house sale on record has helped pushed Fannie Bay into the million dollar suburb club.

The bayside community smashed through the seven figure ceiling to hit a median house price of $1.05 million, up 23.5 per cent in the year to January according to the latest REA Market Trends report.

Fannie Bay’s elevation to the exclusive price bracket comes after the suburb recorded some huge sales last year, including Darwin’s most expensive home sale on record.

The property at 108 East Point Rd, Fannie Bay, sold for $8.5 million last year, making it the most expensive house sale on record in Darwin.

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In April 2022, 108 East Point Rd, Fannie Bay, sold for $8.5 million, smashing the previous Darwin record by $2 million.

The top spot was held by 5 Emery Ct, Larrakeyah, which sold for $6.5 million in 2013.

The three-storey property at 108 East Point Rd is on a 1,390 sqm block with pool and includes a separate cyclone suite, four bedrooms with ensuites, a cinema room, basement parking for at least six cars, a lift and four separate self-contained flats.

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Also last year, 120 East Point Rd changed hands for $1.85 million while 2 Kellaway St sold for $1.76 million and a block of land at 9 Kellaway St sold for $1.053 million.

Inside the home at 108 East Point Rd, Fannie Bay.

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Michael Van De Graaf of Real Estate Central said it was no surprise Fannie Bay had cracked the $1 million median price point.

“Fannie Bay has always been highly sought after,” he said.

“It’s one of Darwin’s premier suburbs.

“It has the seaside living, the breezes, the Ski Club, the Yacht Club and all the amenities.

“It’s old-school Darwin with good streets, big blocks, not a lot of units and a high volume of owner occupiers.”

The home at 2 Kellaway St, Fannie Bay, sold for $1.76 million in 2022.

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The local real estate agent said a drop in properties on the market in Fannie Bay likely contributed to the rise in prices.

“It’s a sign of the times,” he said.

“There are lots of buyers in the $900,000 to $1.3 million bracket … and Fannie Bay would be at the top of the wish list for many buyers.”

Fannie Bay is the third most expensive suburb in the Northern Territory behind Bayview, with a median house price of $1.105 million, and Larrakeyah, which has a median house price of $1.455 million.

Rounding out the top five are Nightcliff ($962,500) and Marlow Lagoon ($865,000).

NT’s priciest suburb outside of the Darwin region is Desert Springs in Alice Springs where the median house price sits at $780,000.