Record start to June as homes sell rapidly in Darwin region

Record start to June as homes sell rapidly in Darwin region

Darwin, NT (21 June 2017) Leading real estate group Raine & Horne has recorded a staggering 75% more sales in Darwin and Palmerston in the first fortnight of June than the same period in 2016.

“A large number of sellers are investors, which could suggest end-of-financial-year tax planning might account for some of the early June sales, but many of the properties that sold were on the market for some time,” said Glenn Grantham, General Manager, Raine & Horne Darwin.

“To get properties moving, we introduced the vendors to the reality of the Darwin market place, which for many agents can be a difficult conversation to have with owners. However, the proof of our direct approach is in the pudding, as our early June sales results demonstrate,” said Mr Grantham.

Three of the properties sold by Raine & Horne Darwin in the first two weeks of June are in the Palmerston.

“Palmerston is a competitive market with plenty of properties for sale. It’s a price-driven market, with entry-level properties available from the low $300,000s,” said Mr Grantham.

For example, a 2-bedroom villa at 8/14 Duwun Road, Rosebery,[1] went to the market for offers above $315,000 and went immediately under contract.

“These pricing levels didn’t exist at the start of 2017 but at this price point, this villa found a buyer very fast,” said Mr Grantham.

“The sweet selling spot for entry-level homes in Palmerston is between $300,000 and $450,000. In the popular northern suburbs of Darwin it’s $400,000 to $600,000.”

As part of the early June sales rush, Raine & Horne Darwin sold a spacious, well-maintained 5-bedroom house on an 817-square-metre block at 3 Symes Street, Nakara[2], in Darwin’s north, for $580,000 to a first home buyer.

Given the Northern Territory’s generous first home buyer subsidies, 25% of the sales of established properties in Darwin and Palmerston involve new buyers. Moreover, 90% of land sales in some developments involve first timers, according to Mr Grantham.

A first home buyer who is building or buying a new home in the Northern Territory is eligible for a $26,000 first home owner’s grant. In addition, first-timers receive $2,000 to buy household goods. First home buyers purchasing an established home valued up to $650,000 get $23,000 in stamp duty relief.

To find out more about buying and selling property in Darwin and Palmerston, contact Raine & Horne Darwin on 08 8941 8941.

[1] https://www.raineandhorne.com.au/properties/8-14-duwun-road-rosebery-832-northern-territory

[2] https://www.raineandhorne.com.au/darwin/properties/3-symes-street-nakara-810-northern-territory