Northern Territory's property market has yet to see any significant impact from the COVID-19 outbreak, according to a recent report from Herron Todd White.
Will Johnson, local expert at Herron Todd White, said sales agents in Northern Territory are reporting a “stable level of interest” in existing housing market stock.
“Real estate agents have shifted to online auctions using the Gavel app, which has resulted in a handful of sold dwellings,” he said.
However, while some vendors are still motivated towards possible sales, others have taken a more cautious “wait-and-see” approach. Still, Johnson said that there have not been any market reductions that are out of line because of the pandemic.
Long-term residential tenancies, for instance, have remained steady. Johnson said requests for rent reductions have relatively been low and rental arrears are still in check.
“We are yet to see any firm market evidence [that] the pandemic has resulted in lower rents or capital values, the big test as we look through the forward lens is the speed at which social restrictions are lifted, and the time it takes to re-open the economy," he said.
In a recent report in NT News, Raine & Horne Darwin general manager Glenn Grantham said a tri-state border opening between the Northern Territory, Western Australia, and South Australia would help boost the real estate market even further.
“We've got a stockpile of properties that are waiting to see what's happening in the market and a huge amount of those are willing to come on the market straight away. The level of inquiry we've already gotten is much higher than we had pre-COVID,” he said.
Grantham said the territory is “the safest place” in Australia and this should provide an opportunity for interstate buyers.
“There will be people who look and remember the infection rate and that sort of stuff, and they will think the NT is the safest place,” he said.
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