Properties Going 30-35% Above Expectations

NT News 25/11/2020 
RAPHAELLA SAROUKOS

38 Sabine Rd, Millner.

QUALITY Darwin homes are achieving higher than anticipated sales prices amid one of the most economically crippling times in recent history, a property professional has revealed.

Raine & Horne Darwin general manager Glenn Grantham said in-house data showed properties, in particular high quality homes, were achieving sale prices as much as 30 to 35 per cent above expectations.

Mr Grantham referenced the recent sale 38 Sabine Road, Millner that sold for $682,000 on November 8.

“I appraised this property at $550,000 in November 2019,” he said.

“Rather than being the death knell for real estate in Darwin in 2020 as many predicted, COVID-19 has supercharged sales and values.”

Mr Grantham said the phenomenon extended across the residential market.

“Better still all price points are moving,” he said.

“We just put three recently built apartments worth $340,000 in Harvey Street, Darwin on the market last week and had 18 groups through the first open homes.”

Real Estate Institute of the Northern Territory chief executive Quentin Kilian said the market had experienced a remarkable transformation from the start of 2020 to now.

“At the start of the year (the market) wasn’t quite on the life support it was on in previous years but it was still looking a little unwell,” he said.

“The prognosis now is extremely healthy and getting much better.

“I’m optimistically positive but really, everything does hinge very much on what sort of population retention we get.

“It’s great to have this burst of population activity but I think we would be naive to relieve we’re going to retain all of the people who’ve come up here during COVID.”

 

Now is the time to find out what your Darwin property is worth. Get in touch with one of our property experts, or our GM Glenn Grantham for a chat about the  current market.

Glenn Grantham
General Manager
Raine & Horne Darwin

08 8941 8941
[email protected].