Darwin Blog

Darwin, NT (10 September 2020) The Darwin market is in overdrive thanks to demand from cashed-up first home buyers and recent interstate arrivals, according to a leading Darwin real estate expert. 
 
“We had several properties go to market in the last seven days, and already they are under contract,” said Glenn Grantham, General Manager, Raine & Horne Darwin.
 
“If you have the right property in Darwin, it will sell. Moreover, the buying activity that we have seen in the popular markets closer to the city have translated to A-Grade properties in Palmerston and rural real estate. 
 
A magnificent four-bedroom house 10 Magdalen Street, Bellamack on the market for $680,000 is now under contract after just one weekend on the market. Also a rural property at 47 Mango Road, Girraween on sale for $645,000 also went under contract just days after hitting the market. 
 
“We are seeing a mix of local upgraders and first-time buyers competing for four-bedroom, two-bathroom properties in Palmerstone and our rural areas valued around $650,000,” Mr Grantham said. 
 
“Significantly, $650,000 is the price cap for the First Home Owner stamp duty discount in the Northern Territory, which gives first-timers a saving on a home of almost $24,000.
 
“Moreover, prices of up to $650,000 are achievable for younger first-time buyers in the Northern Territory who can earn more than their peers in the southern states.”

New arrivals seeking greener pastures in Darwin
 
There is evidence that recent interstate arrivals fleeing COVID-19 are also starting to make their presence felt at open for inspections.
 
Mr Grantham said, “No other state or territory can say they are COVID-free. The Northern Territory has been COVID-free for a long time and has reportedly allowed 70,000 people in since we reopened our borders in the middle of July.”
 
While Palmerston and rural real estate markets are collecting steam, Mr Grantham said the inner and northern suburbs of Darwin continue to attract buyer interest.
 
“The popular price point in the inner and northern suburbs is also around $550,000 for an older style three-bedroom, one-bathroom elevated home. These properties were probably worth in the low $500,000s a year ago.”

For all your sales and property management needs in Darwin and Palmerston, contact Raine & Horne Darwin on 08 8941 8941.

Glenn Grantham
General Manager
Raine & Horne Darwin

08 8941 8941
[email protected].