House sales boost with sur­pris­ing de­mand

NT News - Real Estate - - News -

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.

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