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Recent home price rises have not been universal and there were price drops in some areas.
Property prices have fallen by as much as $50,000 in select pockets of Australia, defying the wider interest-rate-cut-fuelled surge that pushed much of the housing market sharply higher throughout 2025.
While most capitals have generally roared back to life on cheaper credit and renewed buyer confidence, fresh data shows some areas slipped backwards even as surrounding markets broke records.
The areas included pockets of Melbourne and Sydney, along with parts of regional NSW, Victoria, Tasmania and South Australia.
The decline was sharpest for houses in Melbourne’s inner east, where house prices tumbled an average $50,000 over the year to October, according to the PropTrack Market Trends report.
Rising property markets have triggered a selling spree in some unexpected suburbs, with buyers snapping up homes as homeowners take advantage of increasing prices.
New PropTrack data shows that in some suburbs, up to three times as many properties were sold in the past year compared to the prior 12 month period.
The biggest increases in property sales were recorded in property markets staging a major turnaround, especially Darwin.
The Northern Territory capital has experienced an influx of investor interest this year as buyers search for the next market to boom.
Investor lending in the NT surged to a record high this year, driven by a wave of interstate buyers seeking high-yielding properties in areas where price growth is likely to outperform.
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The home at 17 Bald Cct, Alawa, sold for $682,000 on November 18. Picture: realestate.com.au
Darwin home prices have skyrocketed more than $75,000 in the past year, with the average cost of property hitting a new peak in November.
The latest PropTrack Home Price Index revealed the median dwelling price in Darwin increased 0.3 per cent last month to a new high of $573,000.
REA Group senior economist and report author, Eleanor Creagh said the annual surge made Darwin the second strongest performing market in the country.
“There’s been a very clear acceleration in the pace of growth in Darwin and a very clear turnaround in market conditions,” she said.
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