There has been an uptick in the number of million-dollar properties for sale in Darwin
THERE has been an uptick in the number of million-dollar properties for sale in Darwin – a sign of confidence from the higher end of the market.
Based on realestate.com.au listings, there were at least 40 properties for sale for $1m or more in the Greater Darwin area at time of print.
O’Donoghues First National managing director Jeremy O’Donoghue said while it wasn’t unusual for there to be million-dollar properties on the Darwin market, the pandemic may have prompted owners to take the plunge.
“I think that maybe they’ve been holding back a little bit throughout the (pandemic) … and given the supposed stability of Darwin, people are realising that now is a good time (to sell),” he said.
MORE REAL ESTATE NEWS
NT real estate agents share their experience of the last quarter
Rental vacancy rates nosedive as Darwin properties get snapped up
Real estate agency records highest June property sales in five years despite coronavirus downturn
“These properties are probably pretty good value at the moment.
“What might be worth $1m today might have been worth $1.2 or $1.3m five years ago. So it’s definitely an opportune time for buyers to come in and look at this sort of property and get some pretty good value.”
He said the willingness of more sellers to put high-end properties up for sale could be seen as a sign of confidence in the Darwin market.
“The premium market and the market in general up here in Darwin is quite strong.
“It’s quite positive and encouraging that a lot of the activity that we are having is from local people that are maybe going all right in their business, downsizing or moving around and they’re identifying value. And the premium market’s no different.”
“I think there are people coming out of a $500,000, $600,000 or $700,000 house in the northern suburbs and are looking to upgrade for their family. So it’s very genuine – it’s not speculative.”
LIMITED TIME – Discounted NT News subscription: Read everything for $1
Real Estate Institute of the NT chief executive Quentin Kilian said there were plenty of buyers but low stock, so realistic sellers could attract a lot of interest.
“It’s a bit of a feeding frenzy from buyers, so for a seller you’ve got a real opportunity to move your property quickly if you price according to what the market’s asking,” he said.
The post Darwin real estate market sees rise in high-end property sales appeared first on realestate.com.au.