Regional NT September 2017

The month in review: Regional NT

By Herron Todd White
September 2017

Alice Springs

Due to changes in the market in recent times we have seen investors become less active in the Alice Springs market, with the vast majority of transactions relating to home occupiers.

We are currently seeing activity from first home buyers after a quiet period for the occupiers. We are also seeing good activity to upgraders locally, however the empty nesters and downsizers are very quiet due to these purchasers typically leaving town to be close to family, making way for new entrants.

In the first home buyers category we typically see activity up to around $500,000 with a broad range of property from older style units to renovation projects or new larger homes. More recently we have seen a trend more towards newer property, particularly with the emergence of the newest suburb in Alice Springs, Kilgariff. This is largely as a result of the first home buyers grant available for builds or newly constructed dwellings.

We have also seen an increase in the range of property available to first home buyers such as newly renovated bed sit units, not previously available in the local market.

Going forward we are likely to see more first home buyer and home occupier activity as confidence returns to the market after a subdued period with Kilgariff now taking shape and plenty of other options around the existing suburbs.