Property vendors across the country, except for the Northern Territory, are rushing to sell off their property holdings to avoid further losses amid falling property values and rising mortgage rates, a new report shows.

The PropTrack Listings Report for June 2022 showed that new listings were higher across every market except the Northern Territory, indicating that a bear market in the property sector has begun, the company suggested.

“Measures of buyer demand have declined, and buyers have had more properties to choose from. That places greater downward pressure on prices,” PropTrack said.

CoreLogic’s sales data showed that initial sales estimates over the June quarter were 15.9 per cent lower than the same quarter the previous year.

Daniel Harris from Real Estate Central in Darwin City said both buyers and renters are flocking to the Top End as evidenced by the fact that housing approvals in the Northern Territory are now at their highest rate in five years and values have surged.

Real Estate Central said that with the convenient, access to some of the most stunning nature in the country and utterly unique homes there is a lot on offer.

Mr Harris said the past two years saw strong growth in interstate emigration which is a direct result of the nation’s lockdowns.

“We’ve seen a surge in people relocating from southern cities seeking more freedom and a lifestyle change,” he said.

Outside Darwin, Palmerston and Litchfield are gaining in popularity and growing in population at a faster rate than Darwin itself, figures show.

Apartments, most of which are newly built, are the best sellers in Darwin City. For investors, properties around Darwin and surrounding areas are considered sound investments. The median unit price in Darwin has grown by 20 per cent over the last 12 months.

“One thing that’s always consistent in Darwin is that it offers investors the highest rental yields. Six per cent plus is normal here,” Mr Harris said.