Homes in Durack, Muirhead and Farrar flying off the shelves

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1 Diamond Way, Durack was sold for $650,000 by Real Estate Central. Picture: Real Estate Central

DARWIN homes’ days on market are plummeting, and the demand is only going to increase, according to property professionals.

RP Data figures for August found Durack was the fastest-selling suburb, with an average 60 days on market, followed closely by Muirhead with 62 days and Farrar at 66 days.

Real Estate NT agent George Pikos said the suburbs reflected the type of buyers currently in the market.

“The first-home buyer market is the one that you’re going to get the longer days, because they need longer time frames to get their finances in order,” he said.

1 Diamond Way, Durack was sold for $650,000 by Real Estate Central. Picture: Real Estate Central

“Areas like Moulden and Rosebery, where they are cheaper areas traditionally, still are taking 78 days or so because it’s first-time buyer driven.

“In the more affluent areas, they’re selling quicker because they’re not necessarily first home buyers. Their finances are in order, they’ve got an existing property they can leverage from, and so on.

“There’s a lot of interest from first-time buyers at the moment. I mean, you know there are areas like Gray, for example, where I’m selling properties in two weeks.”

O’Donoghues First National residential sales agent Tim Mackenzie said that a shortage of properties for sale was forcing the days on market figures down.

“In suburbs like Lyons, Muirhead and Durack – especially the newer Durack Heights – buyers are able to buy a modern home in a relatively new area,” he said.

“These suburbs are still in close proximity to schools, shopping centres, and have well-planned areas such as neighbourhood parklands. Buyers that may not have confidence to build their own new home can purchase as new, with similar modern homes and facilities in the area.

Mr Mackenzie said if stock levels remained low, he anticipated quick sales would continue.

“Supply and demand has always had a huge influence on the time on market, and currently with demand at its highest levels in some time, and supply at a low level, I would expect days on market to stay similar or even go down,” he said.

46 Damabila Drive, Lyons is for sale with O’Donoghues First National. Picture: SUPPLIED

“All of these suburbs are well sought after, and if you are looking to purchase it would be wise to have finance in order, or at the very least have spoken to a bank or broker to help guide you in the price range you can afford. I have seen over the last few months people falling in love with a home, only to see it sold before they have been able to get any pre-approval on finance.”

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Mr Pikos urged people to buy their dream homes or grow their investment portfolio before it was too late.

“If you can buy now and you don’t, then you are absolutely a mug – you’re crazy,” he said.

“Now is when we should be jumping in and buying something. I keep saying to people who come to my open inspections, ‘Just buy something, because this time next year, you will be kicking yourself.”

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