Owner-occupiers lead 30% spike in enquiries for homes in Darwin and Palmerston

Media release - 1^st August, 2014

• Owner-occupiers drove up Darwin and Palmerston home enquiries by 30% in July
• Owner-occupiers have a 12-month window to act while investors are focused on the off-the-plan market

Buyer enquiries for homes in Darwin and Palmerston have jumped by as much as 30% in July compared with June, according to Raine & Horne Darwin.

“To be fair, the last month of the financial year was a bit quiet, but this result is attributable to a surge in owner-occupier numbers at many of our open homes in Palmerston and Darwin since early July,” said Glenn Grantham, General Manager, Raine & Horne Darwin.

Eight groups of owner-occupiers attended an open home for a 2-bedroom, 2-bathroom recently renovated apartment in Driver, an inner-city suburb of Palmerston, 23 kilometres south-east of the Darwin CBD.

The apartment, which is on the market for $335,000, is located at Unit 1, 75 Driver Avenue, Driver, and last sold in 2008 for $212,000.

“In more recent times, older apartments were not attracting much interest at all, although the recent refurbishments have definitely helped push this apartment to the top of the shopping list,” said Mr Grantham.

“In Palmerston, the presentation of a property is critical to attracting buyer interest and landing a sale in this market.”

Owner-occupiers are also leading the charge in Darwin. A magnificent 4-bedroom, 2-bathroom home in the northern suburb of Anula is attracting many buyers looking to upgrade to a larger family home.

“The home, located at 4 Ellison Court, Anula, comes with a price guide between $650,000 and $700,000, and is built on a generous 838-square-metre block,” said Mr Grantham.

“It also delivers extensive open-plan living and a supersized kitchen with fresh and modern features, which are combining to attract large groups of upgraders to the open homes.

“Conveniently situated in a lovely quiet cul-de-sac close to transport, school and shops, this property also has a beautiful shaded backyard with tropical resort-style pool, which is attracting plenty of interest.”

As the owner-occupier market collects speed, investors have gone a little quiet as massive settlements of hundreds of off-the-plan properties are finalised, according to Mr Grantham.

“Once these settlements are finalised, we are very confident that the excellent economic outlook for Darwin, coupled with the Federal Government focus on Northern Australia, will entice investors back to bricks and mortar in decent numbers within a year,” said Mr Grantham.

“This gives owner-occupiers a 12-month window to make a mark before they will again be forced to jostle with cashed-up investors for quality, well-located Darwin properties.”

–ENDS–

For further media information contact:

Glenn Grantham, General Manager, Raine & Horne Darwin, on 0418 803 222

Andrew Harrington, National Marketing & Communications Coordinator, on 9258 5400