Northern Territory two bedroom unit prices up 3.1 percent to $330,000
The March 2021 quarter saw a 10.8 percent quarterly increase in sales volumes in the Northern Territory, according to the Real Estate Institute of Northern Territory (REINT).
It was accompanied by price rises in the Top End property market.
The March 2021 Quarter sales volumes was up a solid 51.1 percent from last year.
The unit/townhouse market showed equally strong results to start the year with sales up by 4.3 percent for the quarter and up 43.3 percent annually.
The median price of a 2-bedroom unit continued to climb, up 3.1 percent this quarter to $330,000, which is a 9 percent increase on last year.
Palmerston had very solid sales in units this quarter, up 29.4 percent for the quarter with the median coming up 30.6 percent to $320,000.
The median price of a 3-bedroom house also saw solid gains, up 9.4 percent in the quarter to come in at $547,000.
Palmerston had a strong sales volumes with 115 properties sold – up 13.9 percent quarterly and up 62 percent annually.
The Palmerston median price also lifted by 7.5 percent to $500,000, which was 17.6 percent higher than March quarter 2020.
Alice Springs quietened a little with 77 transactions, up 71 percent annually in volumes, to a median house price of $469,000.
Alice Springs saw a quieter quarter for unit sales volumes, but did see a small increase in median price to $360,000.
Residential land sales continued very strongly in the March Quarter with blocks under 600sqm lifting by 128.6 percent for the quarter or 242.9 percent annually.
The median price was reasonably steady at $191,000.
“The rental market continued to perform very strongly for investors and landlords”, stated Quentin Kilian, chief of the Real Estate Institute of Northern Territory (REINT).
Rents on 3-bedroom houses rose 6 percent in the quarter to $538.50 per week, which is an annual rise of 17.3 percent.
Units were fairly static for March, moving up just 0.1 percent to $364.00 per week, however that is 10.3 percent up from March 2020.
Rental yields relaxed a little in March but remained very strong at 5.1 percent for houses and 5.7 percent for units.
“We remain one of the best investor markets in Australia with the strongest rental yields of any Australian capital city, and the yields in Katherine and Alice Springs regularly exceed 6 percent”, said Mr. Kilian.
Vacancy rates have tightened again from December, coming back to 1.8 percent across Greater Darwin; 1.6 percent in Palmerston and 2.4 percent in Alice Springs.
Unit vacancies in the rural area have hit 0 percent.