Darwin market conditions favouring first time buyers: HTW

Darwin market conditions favouring first time buyers: HTW
Darwin market conditions favouring first time buyers: HTW

The residential property market in the greater Darwin region experienced a fairly difficult 2016 and there is not much to suggest a strong 2017 lies ahead, according to HTW’s February 2017 update.

The firms overall evaluation of the Darwin residential property market for the year ahead is that it will be a settling year lacking any great drivers for growth.

However, this may open up opportunities for investors and first time buyers.

“With interest rates at record lows it appears a good opportunity to tidy up an existing portfolio or enter the market for the first time,” HTW says.

The valuation firm says there are some early signs of a recovery may be underway that may make it a shrewd target for investors.

Sales volumes are starting to flow back into the market, construction levels of new apartments has eased, land supply appears to be slowing and rental and vacancy rates appear to have stabilised, the report says.

“Increased sales volumes and buyer activity have been seen through the established locations of the northern suburbs and Palmerston, along with entry level inner suburban locations in the final months of 2016.

“With stamp duty exemptions and FHOG introduced across all property types, we would expect this to continue through the early stages of 2017.”

This year also looks as though it will be a quiet year in comparison to the past decade for the Darwin CBD, HTW warns.

“As at early February 2017 there are a limited number of cranes in the CBD, with a very small number of projects in the construction pipeline.

“This will continue to stabilise the rental market by not dumping further supply into a relatively soft market.

“For the first time in a few years it will give the CBD an opportunity to have a breather and consolidate.”

A two bedroom unit at P01/16 Harvey Street, Darwin City (above) has been listed for $530,000.

Similarly a three bedroom unit at 129/19B Kitchener Drive, Darwin City (below) has been listed for $799,000.

Darwin market conditions favouring first time buyers: HTW

Darwin Htw

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