The latest CoreLogic report stating that the Darwin market grew by 4.1% in August is hard to justify, according to Glenn Grantham, General Manager, Raine & Horne Darwin. 

“That said the Darwin is much smaller than the titanic markets in Sydney and Melbourne, and while sales activity can drop quickly, it can turn around fast as investors start to see the ongoing yield value available here, “said Glenn.

On this front, the testing sales market is also prompting more owners and developers to move their properties into the investment market, according to Glenn. “This is a sensible decision as Darwin real estate is generating average yields of about 5%, which compares very favourably to other capital cities and asset classes such as fixed interest and cash,” he said.

Now that the ALP has been returned to government in a landslide, its promised $24,000 stamp duty concession for first home buyers buying an established property worth up to $650,000 will be a huge boost for the real estate market in Darwin. In addition to this stamp duty relief for the next two years, Labor will provide $10,000 to first timers purchasing an existing home to undertake home renovations. “Any initiatives aimed at first time buyers that will get entry-level property ticking over will have a positive flow-on effect to the upgrader and investor real estate markets. This will be helpful boost longer-term for values and the broader NT economy.”

See also:

Darwin property market outlook

Political season fails to dampen north Darwin property markets

Living the high life in Darwin