Darwin is NT's capital city and has a population of more than 80 thousand people with a population density of 7.40 persons per hectare (ABS ERP 2015). The predominate age group in Darwin City is young people aged 20-29 years old, followed by single's and homesharers aged 35-54.
Traditional agent commissions in Darwin
Agent fees in the Northern Territory, including Darwin are deregulated which means that agents get to decide on their own fees for selling a home and aren't limited the way they are in other states. Commissions in the Northern Territory are generally likely to be anywhere from 2.5% to 4%. 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 quite a lot depending on suburb, with rural and sparsely populated areas typically resulting in higher fees. On top of a commission, if you sell with a traditional agent, you would also generally pay additional advertising fees which can increase your total cost significantly.
The real estate market in Darwin
In June 2015, the City of Darwin's median house valution was around $614,000 (more than $60,000 higher than the mediam value for the Northern Territory overall) (Hometrack 2010-2015, Housing Valuation System). The average number of days on the market is 90 and there were 865 houses sold in the last 12 months.
The Darwin housing market is relativately msall which means "big projects and investments have a large impact... on the demand for housing" 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 lowering after a dramtic drop 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. There has been a 4% drop in the value of Darwin houses in the last quarter, with unit values dropping a whopping 6% (their lowest since March 2012). In the short term it is likely that there may be further losses to sale prices.
The rental market has also been affected by the oversupply of dwellings and the declining population with overall vacancy rates as high as 8.2% for houses. One suburb which has been defying the downturn however is Alawa. It has the lowest vacancy rate in NT at just 0.48% and is in high renter demand.
It's not all gloomy news though, as according to YourInvestmentPropertyMag, the leasing of the Port of Darwin to a chinese company has "raised Darwin's profile among Chinese investors" as has the growing reputation of of Charles Darwin University and quick international flights to Asian hubs. If you choose to sell your property privately through PropertyNow, we can provide you access to Juwai, as well as the REA group's website for Chinese investors, so that you can capitalize on these points.
Selling property in Darwin without an agent
By not paying an agent a hefty commission you give yourself more room to move on the sale price, putting you at an advtange against similar properties in a difficult market. You can also know for you sure that enquiries are being responded to as quickly as possible and are properly followed up instead of being in the dark as to what's going on. If you're not sure of how to price your property, we can even provide you with a detailed breakdown of sale statistics for Darwin, as well as an estimated value of your property itself.
Testimonial from a client in Darwin
PropertyNow market properties and support owners to sell privately nationwide. In June 2016, Nicole Wheeler leased her property in Darwin using our services, she had this to say "Property Now is great! I managed to list and rent my own property within one week in a tough market in Darwin!" You can find our other properties currently for sale and for rent in Darwin through our search page.
*Authored June 2016. Please contact us if you require more recent information or advice about leasing or selling a property in Darwin yourself.