Surging October buyer numbers have been repeated in the penultimate month of 2017, according to leading local real estate firm, Raine & Horne Darwin. 

“In October there was a massive increase in buyers at open homes, and this trend has continued this month, with group numbers more than double those of November 2017", said Glenn Grantham, General Manager, Raine & Horne Darwin.

Almost 50 per cent of attendees at open homes are first-time buyers, with upgraders and investors making up the balance, said Grantham. 

“First home buyers leading the charge rather than investors. They’re cashed up and they’ve been following the property market commentary in the NT media, which is suggesting the market has bottomed.”

The Darwin satellite city of Palmerston is attracting the bulk of the first home buyer attention, noted Grantham. 

“Three and four-bedroom houses priced between $450,000 and $550,000 represent the price sweet spot for first time buyers,” said Mr Grantham. 

“Furthermore, properties are selling for prices that are matching vendor expectations – and there is very little discounting if a quality, well-located property is priced sensibly.”

A well-located three-bedroom house at 11 Woollen Place, Gunn, a suburb of Palmerston is in under offer for a price above the vendor’s asking price.

“This house is in a family-friendly street and has large living areas. So, it’s little wonder it attracted three committed buyers who made competitive offers,” said Mr Grantham. 

“We are getting prices for some properties that are above expectation and this trend means that 2018 should see plenty of capital growth for the Darwin market, with average gains of 5-8% possible.”

Government spending drives real estate outlook

Grantham said that government infrastructure spending was helping business and consumer confidence in Darwin, and consequently the outlook for city’s real estate market.

A Federal Government grant of $5 million with an additional $2.5 million from Darwin Council and the Northern Territory Government will result in upgrades to street lighting, improved car parking, more security cameras and expanded public Wi-Fi networks in Darwin.

“These in initiatives will improve Darwin’s streetscape, reduce traffic congestion, while extended the public Wi-Fi will be well-received by the growing number of tourists who visit the city annually,” said Grantham.

“Smart infrastructure spending is good business that underpins jobs and economic growth, which are critical drivers of Darwin’s real estate markets.”

New office location for Raine & Horne Darwin

With the market set for a strong 2018, Raine & Horne Darwin has moved into a new commercial location at suite 216/12 Salonika Street, Parap.

“With the market turning north, the timing for our move into a new state-of-the-art, purpose-built office strategically placed in the suburb of Parap, is perfect,” said Grantham.   

“Moving a little out from the CBD enables us to avoid any major traffic snags, while still being able to easily service the city, the bustling northern suburbs and further out to Palmerston.”

Read more about Darwin real estate:

A 60% surge in buyer enquiries points to a stronger Darwin property market

Surging Darwin property sales confirm market rebound: Glenn Grantham

Darwin's lows give first homebuyers a chance