Political season fails to dampen property markets in Darwin’s north

Media release - 28th July, 2016

The northern Darwin suburbs of Leanyer, Jingili and Alawa continue to attract significant buyer attention, despite the Northern Territory being forced to endure the twin events of a Federal election and a local poll, which is set for Saturday 27 August.

“We’re seeing between 8 and 12 groups at open homes in the northern suburbs, where 1 or 2 groups is the average for Darwin inspections,” said Glenn Grantham, General Manager, Raine & Horne Darwin.

“The buyer interest in Leanyer, Jingili and Alawa is contributing to some excellent sales activity, when properties are priced to sell.”

A stylish, elevated, three-bedroom house located at 4 Ada Street, Jingili was recently placed under contract after receiving five offers over $500,000.

“This property was secured by an owner-occupier with its location close to Jingili Water Gardens, Charles Darwin University, numerous shopping centres, various schools and transport, proving a winning combination,” said Mr Grantham.

Another 3-bedroom elevated home with a pool at 5 Mullen Gardens, Alawa attracted a large number of groups to the auction, before attracting an offer close to the asking price of $465,000.

“It’s pleasing that we’re seeing this market activity, given we’re in the grip of a very busy political season bookended by the Federal and NT elections,” said Mr Grantham.

“Election campaigns tend to stymie real estate activity and we’ve had to endure a political double dose in Darwin this dry season.

“To get some decent results for our vendors in the northern suburbs, given the political backdrop, is very pleasing and a sign of better things to come for Darwin real estate.”

Savvy buyers have recognised that quality, well-located properties in the Darwin CBD represent excellent value and long-term growth prospects.

“There have been some rare three-bedroom apartments located in modern high-rise apartments in the CBD selling for high-$800,000s. These apartments sold for low $700,000s in 2012,” said Mr Grantham.

“This is another good news story for Darwin and demonstrates that quality, well-located real estate in Darwin with a point of difference, will hold its value, even in challenging times.”

Corporate activity in Darwin is collecting speed too, with one interstate company snapping up a large number of apartments in one inner city apartment block.

“We’re also seeing a spike in interstate investor enquiry, which makes sense given yields of around 5% in Darwin compare very favourably to other capital city markets or money in a bank account,” said Mr Grantham.

If you would like to know more about the real estate sales and investment markets in Darwin and Palmerston, contact Raine & Horne Darwin on 08 8941 8941.

–ENDS–

For further media information contact:

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

Andrew Harrington, National Communications Manager, Raine & Horne, on 02 9258 5400