Darwin on the rise, buyer activity rebounds

Darwin on the rise, buyer activity rebounds

Darwin, Australia
by Tim Neary 0 comments

As much as a 60 per cent increase in the number of groups at open for inspections is a significant indicator that the Darwin market is set to surge, according to a leading network. 

Raine & Horne Darwin reports that compared to 12 months ago, there are double — and even triple in some cases — the number of groups at each open home on a Saturday.

General manager of Raine & Horne in Darwin Glenn Grantham said that most of the people in attendance are from the area.

“Around 75 per cent of buyers are savvy locals, who have been at our open homes regularly over the last six months.

“They recognise that a median house price of $445,000 and rental yields of 6–10 per cent means that there is plenty of value in Darwin real estate right now.”

Mr Grantham said that a local buyer has snapped up a four-bedroom house with a pool in Leanyer for $533,000.

“The buyer has secured a great deal for a property that would have been worth significantly more at the peak of the market a few years ago,” the GM said.

On the supply side, Mr Grantham confirmed that there are 1,500 properties for sale in Darwin and Palmerston.

“However, we only need 1,000 investors from around Australia looking to take advantage of our real estate affordability and robust yields that are better than anywhere else in Australia.

“Just a small percentage of property investors from other capital cities would make a significant difference to the relatively small Darwin real estate market in a short period.”

Mr Grantham said that the longer-term economic outlook for Darwin is promising and should flow through to the city’s property markets.

“There is some talk of another big oil and gas project on the way, while the ongoing troubles on the Korean Peninsula mean that an additional influx of US troops into the Darwin rental market isn’t out of the question.”

Darwin on the rise, buyer activity rebounds
lawyersweekly logo
promoted content
Recommended by Spike Native Network
reb top 100 agents 2017

With a combined sales volume of over $14 billion in 2017, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
New Podcast: Piers van Hamburg reveals why “the relationship” is key in real estate

In this episode of the Secrets of the Top 100 Agents, Tim Neary talks to McGrath Estate Agent, Piers van Hamburg who is ranked 39 about his ...

View all podcasts

Have real estate agents become too money obsessed?

Yes
No
Only a small section of them, and they are giving the whole industry a bad name
Most of them, and this is why the industry has a bad name
Do you have an industry update?