CoreLogic National housing Update March 2018
March Market Outlook
Getting a mortgage for an off-the-plan property
The latest in landscaping
Adelaide March 2018
Brisbane March 2018
Canberra March 2018
Darwin March 2018
Gold Coast March 2018
Melbourne March 2018
Newcastle March 2018
Perth March 2018
Regional NSW March 2018
Regional NT March 2018
Regional QLD March 2018
Regional VIC March 2018
South West WA March 2018
Sydney March 2018
Tasmania March 2018
Wollongong March 2018
Should you flip your property?
CoreLogic NSW housing Update March 2018
CoreLogic QLD housing Update March 2018
CoreLogic SA housing Update March 2018
CoreLogic VIC housing Update March 2018
CoreLogic WA housing Update March 2018
5 hacks for breaking into the property market
Reduce your energy costs
Should you flip your property?
Darwin March 2018
The month in review: Darwin
By Herron Todd White
The rural residential area is now starting to present as an affordable option for potential purchasers. Of particular interest is the outer rural residential market in areas such as Acacia Hills and Berry Springs. These areas are an attractive option for young families or first home owners as they provide lifestyle features while still being in close proximity to major services. Over the past 12 months these areas have started to tick over in regard to sales volumes. Up to the end of 2016, there were eight settled, genuine arm’s length sales in Acacia Hills. At the end of 2017, there were 17. In comparison, Berry Springs had six settled genuine arm’s length sales by the end of 2016 and 11 at the end of 2017, with at least three more sales now under contract in Berry Springs since the start of 2018.
Although these sales do reflect a drop in the market from the peak periods of 2013 and 2014, they also reflect that there is good buying for purchasers who are willing to live in a rural area. A key sale that is a reflection of the current market is a sale in Berry Springs. The sale property was a low set, 3-bedroom, 2-bathroom, circa 2012 built dwelling with powered machinery shed, in ground spa located on a two hectare block in the Mala Plain estate. The property settled for $690,000 and given the quality and level of improvement reflected good buying. The property was marketed on and off since 2016 and the marketing period is not uncommon in these areas. What we are seeing is that if properties are not priced realistically, they will sit on the market for an extended period of time, however effective pricing is well received in the market and as the above sale numbers indicate, there is interest in this sector of the market.
Increased services are likely to continue the desire to live in the outer rural area. The extension of Tiger Brennan Drive is well and truly established now, providing access to the city and northern suburbs. The completion of Coolalinga Shopping Centre and the Gateway Shopping Centre are large draw cards for the rural market, taking pressure away from Casuarina Shopping Centre in the northern suburbs as an entertainment precinct. The Palmerston Hospital is nearing completion which will provide further and much needed medical services to the rural area.
Moving our way north along the Stuart Highway (back towards Darwin), the Palmerston suburb of Gunn continues to provide affordable options for potential purchasers. Entry level, 3-bedroom, 2-bathroom dwellings centre on the $400,000 to $450,000 mark. We are now starting to see sales evidence that reflect 2008 and 2009 value levels. Examples include a recent sale of a 3-bedroom, 2-bathroom dwelling on a 400 square metre lot in Gunn that settled for $420,000 in February 2018 and had previously sold for $412,000 in November 2008. Moving into the next price bracket, 4-bedroom, 2-bathroom dwellings are showing similar relativities with a recent sale for $587,000 in February 2018 of a home that previously sold for $580,000 in December 2009. Given that both sales were tested in the market and sold through local agents, we would consider the sales to be the best reflection of the current market.
Although we have experienced some tough times in the Darwin market recently, we believe that now is as good a time as any to invest in this market.
DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.