Darwin is seeing fewer new listings, such as this one at 7 Brinkin Tce, Brinkin. Picture: realestate.com.au

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The Darwin property market has experienced a drop in fresh stock with the latest data showing the number of new listings in the Territory’s capital has fallen 20 per cent in the past year.

The March PropTrack Listings report showed new Darwin listings on realestate.com.au dropped 11.6 per cent month-on-month and 20 per cent year-on-year.

Total listings were more stable, up 0.9 per cent in March and 0.4 per cent year-on-year.

In regional NT new listings were down 1.3 per cent for the month and 30.1 per cent for the year, while total listings were up 4.1 per cent in March and 24.5 per cent compared to March 2023.

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PropTrack economist, Anne Flaherty. Picture: Supplied

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PropTrack economist and report author, Anne Flaherty said nationally, selling activity slowed across the country in March, however there was more choice for buyers than a year ago.

“Following the busiest start to the year in over a decade, new for sale listings fell in March as an early Easter brought forward the slowdown in selling activity typically seen in April,” she said.

“Despite fewer properties being brought to market in March compared to 12 months ago, total listings remained up year-on-year as a result of the surge in listings seen in February.”

Ms Flaherty said while the total number of properties listed for sale was higher overall, the median time taken for a home to sell was lower in all states in March, reflecting strong buyer demand.

The home at 2 Helio Ct, Woodroffe, is newly listed with a price of $420,000. Picture: realestate.com.au

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“Buyer demand has been buoyed by a more stable interest rate environment and the expectation that rates have hit their peak and may even decline before the end of the year,” she said.

“Further supporting buyer demand has been population growth, which reached a record 659,800 over the 12 months to September 2023.”

Across Australia, new listings were down 13.6 per cent in March and 8.8 per cent compared to a year ago.

Total listings were up 0.6 per cent month-on-month and 2 per cent year-on-year.

“Canberra, Melbourne, and Sydney were the cities where buyers benefited from the largest rise in choice compared to 12 months ago, while those in regional Victoria, NT, and Tasmania saw the largest rise in total listings,” Ms Flaherty said.