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First home buyers lead charge as Darwin market bottoms

Surging October buyer numbers in Darwin were repeated in the penultimate month of 2017, according to local real estate firm, Raine & Horne Darwin.

Story Highlights
  • Almost 50% of groups at Darwin open homes are first time buyers
  • Darwin satellite city of Palmerston is attracting the majority of first home buyer attention
  • Raine & Horne Darwin moves into a purpose-built and strategically-located office in Parap

“In October there was a massive increase in buyers at open homes, and this trend has continued this month, with group numbers more than double those of November 2017, said Glenn Grantham, General Manager, Raine & Horne Darwin.

Almost 50% of attendees at open homes are first time buyers, with upgraders and investors making up the balance, said Mr Grantham.

“First home buyers are leading the charge rather than investors. They’re cashed up and they’ve been following the property market commentary in the NT media, which is suggesting the market has bottomed.”

The Darwin satellite city of Palmerston is attracting the majority of first home buyer attention, noted Mr Grantham.

“Three and four-bedroom houses priced between $450,000 and $550,000 represent the price sweet spot for first-time buyers,” said Mr Grantham.

“Furthermore, properties are selling for prices that are matching vendor expectations – and there is very little discounting if a quality, well-located property is priced sensibly.”

“We are getting prices for some properties that are above expectation and this trend means that 2018 should see plenty of capital growth for the Darwin market, with average gains of 5-8% possible.”

Government spending drives real estate outlook

Mr Grantham noted government infrastructure spending was helping business and consumer confidence in Darwin, and consequently the outlook for city’s real estate market.

A Federal Government grant of $5 million with an additional $2.5 million from Darwin Council and the Northern Territory Government will result in upgrade­s to street lighting, improved­ car parking, more security cameras and expanded public Wi-Fi networks in Darwin.

“These initiatives will improve Darwin’s streetscape, reduce traffic congestion while extending the public Wi-Fi will be well-received by the growing number of tourists who visit the city annually,” said Mr Grantham.

Glenn Grantham, General Manager, Raine & Horne Darwin

“Smart infrastructure spending is good business that underpins jobs and economic growth, which are critical drivers of Darwin’s real estate markets.”

New office location for Raine & Horne Darwin

With the market set for a strong 2018, Raine & Horne Darwin has moved into a new commercial location at Suite 216/12 Salonika Street, Parap.

“With the market turning north, the timing for our move into a new state-of-the-art, purpose-built office strategically placed in the suburb of Parap, is perfect,” said Mr Grantham.

“Moving a little out from the CBD enables us to avoid any major traffic snags, while still being able to easily service the city, the bustling northern suburbs and further out to Palmerston.”

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