FRANCHISE NEWSNT Real Estate NewsReal Estate News

First home and the southern state buyers lead the charge for Darwin property

Raine & Horne Darwin sold seven homes in two days this week, with first homebuyers and southern state buyers driving the flurry of sales.

Glenn Grantham, General Manager, Raine & Horne Darwin, said buyers were split evenly between local first-timers and southern state purchasers seeking a lifestyle property in Australia’s northernmost capital city.

“We even had situations where multiple buyers were competing for properties, with some throwing their hat into the ring at the last minute to push sale prices up by many thousands of dollars, and much to the delight of our vendors,” Mr Grantham said.

“There is plenty of talk that the Darwin market is stagnating, mostly from commentators who have never seen the Darwin skyline.

“However, these results demonstrate there is plenty of life in the Darwin market, especially for sensibly priced, quality properties valued between $300,000 and $600,000.”

The sales were spread across Darwin, and included apartments in the CBD, and houses in the northern suburbs and Palmerston.

“The only consistency among the transactions were the circumstances of the buyers,” noted Mr Grantham.

“Fifty per cent of the buyers were first-timers, with the balance from the southern states.

“NT’s generous subsidies are attracting first-timers into the market, while many of the southern state buyers have been visiting the Northern Territory for holidays and have decided it’s cheaper to own a Darwin bolthole than pay for short-term accommodation.

“The interstate buyers are cashed up and have been happy to go with unconditional purchases.”

A property that caught the eye of a southern buyer was a smart, first floor, two-bedroom apartment at 4/37 Sunset Drive, Coconut Grove, a northern beach suburb of Darwin.

“This apartment sold for $248,000 and is a great story as the apartment can be used as a Darwin bolthole or as an investment property.

“Why pay for hotel accommodation when you can buy an apartment like this, which is a short walk to Nightcliff’s markets or go fishing off the Nightcliff Jetty or enjoy a stroll along the picturesque Nightcliff foreshore?”

As a rental, the apartment will attract a weekly rent of $370-$400, which is a gross yield above 8 per cent,” confirmed Mr Grantham.

Of the buyers who missed out recently on a Darwin property, Mr Grantham said the majority were southern state purchasers.

“The good news is that local vendors are reacting to the return of southern state buyers and first-timers by listing quality homes priced between $300,000 and $600,000,” he said.

For example, Raine & Horne Darwin has recently listed a charming three-bedroom townhouse at 2/5 Deakin Place, Durack, an inner-city suburb of Palmerston with a price guide of $325,000 – $375,000.

“This is an excellent townhouse for a first-timer that backs onto the Durack Lakes, ensuring peace and tranquility no matter the time of day, with double sliding back doors providing great airflow through the ground floor.

“The spacious kitchen has been updated with gorgeous stone bench-tops, boasts ample preparation and storage space, and overlooks the open plan living and dining area, ensuring entertaining is a breeze.”

Show More

News Room

If you have any news for the Real Estate industry - whether you are a professional or a supplier to the industry, please email us: