Darwin sales defy patchy market

APRIL 23, 2019

Ten sales in the middle week of April prove there is plenty of interest in Darwin real estate, according to Glenn Grantham, General Manager, Raine & Horne.

“This volume of sales is quite incredible and is 300% higher than the same time last year,” he says.

Many buyers are Darwin locals, although there are some interstate workers, snapping up a house or apartment for a local base. “One recent buyer is a fly in/fly out contractor who is working on a project near Darwin. He’s just looking for a base that he can fly into and out from in Darwin,” Glenn explains.

He adds, “You would think more interstate investors would be taking advantage of affordable, high-yielding Darwin real estate before the election as Labor will change negative gearing for established properties and the capital gains tax discount if they win.

“It’s still unclear if the changes will immediately apply to properties purchased after the election or following the proposed 31 December deadline when Labor proposed to end negative gearing for established properties. On this same date, the Federal Opposition is proposing the capital gains tax discount will be slashed from 50% to 25%.

“Once we have more detail maybe interstate buyers will make a move into Darwin real estate. In the meantime, local buyers are not waiting for the election outcome and are snapping up well-priced and well-located, quality Darwin real estate.”