After a year of consistent real estate activity, Glenn Grantham, General Manager of Raine & Horne Darwin is expecting stronger demand for properties within Darwin’s inner-city fringe such as Larrakeyah and the northern suburbs.
“Larrakeyah is within walking distance or a short drive to the CBD, Cullen Bay Marina, Mindil Beach Sunset Markets, and the Darwin waterfront,” said Mr Grantham.
“With a median house price of $1.05 million, Larrakeyah is one of Darwin’s most prestigious property markets.
“Larrakeyah is Darwin’s version of Sydney’s Double Bay, and the suburb has many significant and beautiful properties. There are major opportunities in Larrakeyah to buy into some magnificent homes or to snap up larger development blocks, which will enable owners to build statement properties.”
However, values for properties in Darwin’s prestige market are still below the highs of 2012 making the new year the perfect time to buy into a quality, well-located Larrakeyah property, notes Mr Grantham.
Market to return to normal in 2019
Beyond the prestigious inner-city fringes, Mr Grantham predicts a return to normal market conditions in 2019 where buyer demand and the supply of properties for sale are in step.
“However, unlike the bigger southern capital cities, the smaller Darwin market can transition through market cycles, and we expect that by the end of 2019, conditions will be swinging more in favour of vendors and at this point, we will start to see values begin to rise for quality properties located in more favourable suburbs.
“Apart from Larrakeyah, the values of houses and townhouses in the inner-city suburbs such as The Garden, Parap, Fannie Bay and Ludmilla, along with northern suburbs such as Jingili, Karama, and Leayner will start to move in 2019,” Mr Grantham predicts.
“For a good quality house, expect to pay $700,000- $1 million in the inner and northern suburbs and from $600,000 for a townhouse in January 2019. These prices could be as much as 5-7% higher by the end of 2019.
“Apartments in the inner city and the more popular suburbs of Palmerston might also see some growth in 2019.”