Record June start signals well-priced homes sell rapidly in Darwin

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Jun 26, 2017

Record June start signals well-priced homes sell rapidly in Darwin

Raine & Horne has recorded a staggering 75% more sales in Darwin in the first fortnight of June, than for the same period in 2016.

Leading real estate group, Raine & Horne has recorded a staggering 75% more sales in Darwin 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, however many of the properties that sold were on the market for some time,” said Glenn Grantham, General Manager, Raine & Horne Darwin.

“To get these 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.”

Three of the properties sold by Raine & Horne Darwin in the first week of June are located in the Palmerston area.

“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, Roseberry1 went to the market for offers above $315,000. At this price, it 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 and $400,000 - $600,000 in the popular northern suburbs of Darwin.”

As part of the early June sales rush, Raine & Horne Darwin sold a spacious well maintained, 5- bedroom house on a 817 square metre block at 3 Symes Street, Nakara2, 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, there is $2,000 first timers can use to buy household goods. There is up to $23,000 in stamp duty relief for first home buyers purchasing an established home valued up to $650,000.