Increased housing affordability in Darwin is attracting new buyers

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According to Domain Group’s House Price Report: September Quarter 2016, the median house price in Darwin has fallen for the 5th consecutive year. This has opened up the market to house hunters who were previously unable to break into the market.

“Increased affordability in the capital means that you should take the opportunity to inspect both houses and units on the market. All properties will have different strong points so, don’t just settle on the first one you see,” noted the report.

Faced with such favourable circumstances, many real estate experts believe the Darwin property market is set for a rebound. Glenn Grantham, general manager at Raine & Horne, said there’s been a surge in first-home buyers looking for established homes. Southern investors were also being tempted back to the Top End by the strong rental yields.

“We have seen a threefold increase in numbers at open homes and via our online inquiries over the last two weeks, which augurs well for the remainder of 2016 and the start of next year,” Grantham said.

“A property at Wagaman, for example, recently attracted 12 buyer groups, whereas six months ago, one or two groups would have been the norm. This level of activity indicates Darwin’s real estate is in rebound mode and we’ve also seen an increase in offers.”

Grantham noted that many savvy buyers from the southern states had read about the drop in median house price in Darwin, and were starting to return, “especially as our yields are above 4 per cent gross, which compares favourably against the likes of Sydney and Melbourne.”

 

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