A recent change in government has generated significant buyer activity across Darwin, with the introduction of the Home Grown Territory Scheme bringing investors from both interstate and overseas into the Northern Territory capital.
The increase in buyer activity was reflected in recent PropTrack data which revealed a 0.4% upswing in Darwin’s quarterly national house price through September.
Elders Top End Group Sales Consultant, Rachel Baldock said the Home Grown Grants not only attracted first home buyers but could be applicable across a range of buyer types.
“We’ve really seen a lot of interstate investors jump into the market up here since the introduction of the grants,” Ms Baldock explained.
“These grants are aimed at investment and relocation to Darwin. They are mainly applicable to first home buyers, but can also be applied for by those looking to build new or even established homes.”
With 13.4% market share over the past 12 months and 13 agents across two collaborative offices, the Elders Top End Group is a clear market leader in Darwin, Ms Baldock adding that Darwin was still the most affordable capital city in terms of median house prices and growth potential.
“Along with the grant options, we have just opened a new university which is going to attract a significant amount of students to the area. Our vacancy rate is already extremely low with high demand for rental properties generating yields of between 5.7% to 8% for investors.”
The Rental Market
Houses in Darwin have enjoyed a 7.9% annual rental increase over the past year, increasing 8.9% just last month (September, 2024), according to recent PropTrack figures.
Elders Top End Group, Senior Property Manager, Michelle Carrington said Darwin’s dry season (May-October) was a vibrant time of year in its rental market.
“We are seeing a good demand for quality rentals in the marketplace and we are expecting this to continue over the next few months,” Ms Carrington explained.
“There has been a posting of 500 defence members to Darwin, which we hope will flow through into the private market and keep our vacancy rate stable.”
The Elders Top End Group Property Management Department plays a significant part in the Darwin marketplace, having been awarded the REINT 2023 PM Team of the Year with a view to achieving that feat again this year.
“We have the knowledge and experience of a big team but offer boutique style personalised service which really sets us apart,” Ms Carrington said.
“We also set the bar with our social media and branding, keeping ourselves on the property pulse daily and passing on up to date market information to both our current and future landlords.”
Why Darwin?
Both Ms Carrington and Ms Baldock love the laid back lifestyle of Darwin, its places and its people, having both found their passion in various roles in real estate.
“I fell into real estate after a short time hairdressing and once I got involved here with the Elders Top End Group, I really enjoyed the challenge and excitement around client wins,” Ms Carrington said.
“Pending the season, the fishing here is unmatched. The Darwin Waterfront Precinct is the perfect spot for a great meal and a safe spot to swim, and if you’re up for a drive, you can discover some of the most incredible national parks and waterfalls just an hour away,” Ms Baldock added.
With significant land investment in the works, there has never been a better time to look at purchasing in the top end.
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