Investors seeing worth in the Top End

Investors seeing worth in the Top End

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Darwin is on track to become a real contender for the nation’s hottest market for investors, with RP Data statistics showing considerable growth in the Top End.

Glenn Grantham, general manager of Raine&Horne Darwin, described the city as the “darling of Australian real estate”, with values climbing almost 24 per cent since the global financial crisis (GFC).

“There is significant potential in the city’s northern suburbs such as Millner, Gingili, Moil, Anula and Alawa, where values haven’t quite kept pace with the CBD, Palmerston or beachside suburbs like Nightcliff and Rapid Creek over the last five years,” Mr Grantham said.

“Anula is a very popular suburb with families and this is within easy walking distance of schools, parks and public transport.”

According to the latest RP Data statistics, the median private treaty price for Darwin houses was $608,500 last week – well above most capital cities and only marginally lower than Sydney’s median price of $615,000.

Those selling houses in Darwin are also discounting less, with the average vendor discount sitting at 1.6 per cent of the advertised price compared to the next lowest city of Canberra, with an average discount of 4.1 per cent.

However, according to RP Data, average days on market were the highest in the country, with an average selling time of 81 days.

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