The federal election and a local poll have failed to dampen property markets in Darwin’s north.
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 are seeing between 8 and 12 groups at open homes in the northern suburbs, where one or two 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 are 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 stymy 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.
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