As NT’s capital city, Darwin has a population of more than 80,000 with a population density of 7.40 persons per hectare (ABS ERP 2015). The predominate demographic is young people aged 20-29, followed by singles and home-sharers aged 35-54.
Agent fees are deregulated in the Northern Territory, including Darwin, which means agents get to decide their own fees for selling a home. In terms of the overall state average, commissions are generally a little lower in Darwin than in the rest of the state.
The exact rate can vary greatly depending on suburb, with rural and sparsely populated areas typically attracting higher fees. If you sell with a traditional agent, you’ll also generally pay additional advertising fees on top of a commission, which can significantly increase your total cost.
Darwin cracked the 20% annual growth barrier in May 2021 with values now 20.3% higher over the past 12 months. For Darwin dwellings this is the strongest annual gain on record.
The current median dwelling value in Darwin is at $450,000 with the median sale price at $389,513 for units. Listings are few, with only 4 houses sold between September 2020 and March 2021 compared to 127 units for the same period.
Gross rental yields for units have climbed exponentially in recent years also, up 7% as of March 2021. There is no rental yield data for houses.
The Darwin housing market is relatively small which in turn is reflected in housing prices. According to Eliza Owen of Onthehouse.com.au, values of both houses and units in Darwin have been steadily growing after a dramatic drop back in December 2015. This is likely due to the fall in commodity prices, and the removal of the first home-owner grant for existing dwellings resulting in more new dwellings being constructed and first home buyers being better financed to buy those properties.
It’s been a few years since the Port of Darwin’s lease to Chinese company, Landbridge. It was believed this would “raise Darwin’s profile among Chinese investors” along with the growing reputation of Charles Darwin University and quick international flights to Asian hubs.
However, according to a recently published article by the Financial Review, the NT has reclaimed land earmarked by Landbridge for a luxury waterfront hotel after the company failed to meet its lease’s commercial obligations.
The reclamation comes as the Defence Department prepares advice to the government on whether the $500m, 99-year Darwin Port lease should be terminated on national security grounds.
There still may be room to capitalise on the exposure. If you choose to sell your property privately through PropertyNow, we’ll give you access to Juwai and REA group’s website for Chinese investors.
Darwin’s property market at the time of the Coronavirus pandemic outperformed the six-month pace of change. In fact, at the end of April 2020, Darwin’s property market had experienced 1.7% growth for the month, the most growth of all the nation’s capital cities.
Darwin also enjoyed a 6.1% growth for the first quarter of 2021. This movement is giving the Darwin property sector confidence, including buyers and sellers, especially as we progress away from the Coronavirus restrictions and back towards more buoyant buying and selling conditions.
Not paying an agent a hefty commission gives you more room to move on your sale price, and an advantage over similar properties in a difficult market.
You’ll also know for you sure that enquiries are responded to as quickly as possible and properly followed up!
If you’re not sure how to price your property, ask us for a detailed breakdown of Darwin’s sale statistics and an estimated value of your property.
PropertyNow markets properties and supports owners to sell privately nationwide.
Lola sold her property in Nightcliff privately with PropertyNow. She said,
“This was a simple process for listing and marketing my property, removing the ‘mystique’ of selling a home. I achieved more than my asking price in a slow market. As a senior single woman, I found it a straightforward and successful way to gain maximum value for my property. I would recommend it to anyone.”
Please contact us if you require the most up to date information or advice about leasing or selling a property in Darwin yourself