2020 has been an outstanding year for Territory real estate, but it’s not over yet and Alice Springs has delivered an amazing finish to the year with 114 properties settled in October and November alone, Mr Andrew Doyle Southern Representative for the Real Estate Institute of Northern Territory REINT.
2020 has been an outstanding year for Territory real estate, but it’s not over yet and Alice Springs has delivered an amazing finish to the year with 114 properties settled in October and November alone, Mr Andrew Doyle Southern Representative for the Real Estate Institute of Northern Territory REINT.
Mr Andrew Doyle, Southern Representative for the Real Estate Institute of Northern Territory (REINT), the Territory’s peak industry body for the real estate profession, said, “In November we had settlements on 72 residential houses and units, and that is on the back of 42 settlements in October.”
“This is outstanding for our market”, Mr Doyle said, “when you consider that in the entire March Quarter this year we only settled 72 for the 3 months and 70 for the 3 months of the June Quarter.”
Mr Doyle stated, “With 114 houses and units settled in just October and November, we are looking at the most number of transactions since December 2014.”
“On top of this we have seen our rental vacancy rate fall below 1 percent, which is the tightest it has been in many years”, said Mr Doyle.
The good news for investors is that with this demand on the market, rising rents and prices remaining stable for now, rental yields are some of the highest in Australia. The REINT RELM Report for the September Quarter showed Alice Springs was returning rental yields of 6.1 percent on detached houses and 6.9 percent on Units.
“This is miles ahead of what an investor could expect from the major capital city markets, with Sydney, Melbourne and Brisbane all returning around 2 to 3 percent yields,” said Mr Doyle.