House sales boost with surprising demand
PROPERTY sales in Darwin rose 26 per cent in the past three months, the NT Real Estate Institute said yesterday.
The organisation said this was a ‘‘ strong indication of robust demand’’.
Raine & Horne manager Glenn Grantham said the institute figures mirrored sales volume at his office.
He said sales ‘‘eased’’ towards the end of the financial year, but the company had ‘‘hit and exceeded’’
Homes in this category are sure to appeal
targets in July and August — and there had been a ‘‘strong start’’ to September. Real estate agents report that vendors are becoming more realistic about property will fetch.
Mr Grantham said more people were listing their homes for sale as the new price reality became accepted. He said these properties would be ‘‘snapped up’’.
Raine & Horne is selling houses, villas and townhouses in the $400,000 to $500,000 range in Palmerston and Darwin’s northern suburbs. But he nominated the CBD as ‘‘the market to watch’’ over the
their next 12 months. Mr Grantham said apartments were at a ‘‘more affordable level’’ than in previous years.
He said this was particularly true for some of the high-end properties, which were now selling for between $700,000 and $800,000.
‘‘Homes in this category are sure to appeal to city workers and cashed-up younger buyers,’’ he said.
Meanwhile, the Housing Industry of Australia said demand for Darwin homes was ‘‘miles beyond’’ supply.
It said Greater Darwin needed 2680 new homes a year between now and 2020 to meet population growth. But only 1200 are being built. Experts said this meant there could be a shortfall of 14,000 by 2020. And the calculations do not factor in the ‘‘Inpex effect’’.
HIA chief economist Harley Dale said Darwin was ‘‘a very good prospect for capital gain and also rental yields’’, especially if the $30 billion Inpex gas project went ahead.