The Darwin market is in a more robust position than 12 months ago with demand for quality, well-located property sturdier than in December 2018.
“We are finishing this year on a much more positive note than 2018,” says Glenn Grantham, General Manager, Raine & Horne Darwin. “As a company, we have secured a lot more sales of established residential properties this year, with a large percentage of the buyers being Darwin locals and first home buyers.”
On the issue of values, quality, well-located, a-grade properties in Darwin recorded increases regardless of their location, notes Glenn. “This year so far, Darwin has recorded 43 residential property sales above $1 million which indicates a pretty healthy appetite for the top tier of the market.
“On the flip side, the values have softened for properties that either don’t present well or are in the suburbs with high days on market.”
In other news, Prime Minister Scott Morrison announced a $184 million package for Northern Territory in November. The projects include the Outback Way ($37.5 million), the Mango Industry Roads upgrades in Litchfield ($91.7 million), and upgrades along the Adelaide River to Wadeye Road corridor for $54.3 million.
With an NT election due in April next year, infrastructure announcements augur well for property market confidence in Darwin. Glenn explains “We have the election on the horizon, and the government and opposition will try to win over as many votes as possible by associating themselves with infrastructure announcements, and major private sector wins between now and polling day.
“At the end of the day, better infrastructure and more private sector projects will create more employment opportunities and demand for owner-occupied and rental properties as these extra workers need to be housed.”
If you’re considering selling or buying a property in Darwin or Palmerston, contact Raine & Horne Darwin on 08 8941 8941.