‘Opportunity’ best describes the real estate market in Darwin in August, according to Glenn Grantham, General Manager, Raine & Horne Darwin.
“There is plenty of well-priced properties in Darwin that can earn cashed-up investors yields as high as 10%,” Glenn said. “With global trade wars smashing shares and cash returns tanking, there is a fabulous opportunity for southern state investors to park some savings or superannuation in a Darwin rental property.”
A two-bedroom apartment in Stuart Park, renting for $450, for example, sold for $260,000. Glenn said, “We’ve sold similar apartments in this complex for significantly more. This apartment requires plenty of tender loving care and the deep pockets of a cashed-up investor.
“We have plenty of motivated sellers, yet Darwin is not on the radar of eastern seaboard investors right now.
“But as the news of the massive infrastructure spend led by the proposed $20 billion solar farm near Tennant Creek filters down south, this will change, and prices will respond rapidly. Therefore, there is an opportunity for southern state investors to buy Darwin real estate right now and generate some excellent cash flow.
On the other hand, first home buyers armed with decent government subsidies are snapping up quality entry-level houses. For example, first-timers grabbed 42 Wilmot Street, The Narrows a three-bedroom home with the wow factor of a spectacular inground pool. Glenn commented, “This property required no work at all, and the sale is a great example of the market value available to first-timers in Darwin.”