Moil unit block sells for $1m+ to Victorian investor

Interstate investors aren’t afraid to splash their cash in Darwin, with a unit block in northern suburbs going under contract for more than $1m to a Victorian buyer.

INTERSTATE investors aren’t afraid to splash their cash in Darwin, with a unit block in Moil going under contract for more than $1m to a Victorian buyer.

3 Hare St, a block of six tenanted two-bedroom apartments, recently went under contract for between $1.2m and $1.3m with Real Estate Central.

Agent Andrew Harding sold the property through online bidding app Openn Negotiation, with the sales campaign lasting just three weeks.

“We had two interstate investors for our final bidding stage, one from Victoria (the eventual buyer) and NSW central coast,” Mr Harding said.

“The interest and inquiry was higher than we first anticipated it would be and predominantly was from interstate investors, who were keen on the return that the property offered.

“They were drawn to the solid concrete construction and the rental income, which is over $100,000 a year.

“The Victorian buyer is relocating back to Darwin after moving to Victoria several years ago and simply over the lifestyle that is now lockdown after lockdown and cold weather.”

Mr Harding has also listed duplexes 1/23 and 2/23 Polglase Cct, Johnston, which he said was also drawing significant attention.

Each three-bedroom unit is for sale for $494,000, with the vendor preferring to sell both to the same buyer for $988,000.

“This is another solid great investment and the interest and offers on this property has been 80 per cent from interstate investors,” he said.

“With strong rental income and weekly rents increasing faster than any other capital city in Australia, investors are now seriously interested in Darwin again.

Mr Harding said investors were drawn to Darwin because of its Covid-safe reputation and stellar rental returns.

“Darwin is portrayed among these investors as the safest capital city across the country,” he said.

“Our rental prices are increasing faster than anyone could have predicted and interstate investors are really starting to see great value in the Darwin market again.

“Darwin is the cheapest capital city in Australia and our rents are the second most expensive in any capital city.

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“This means that the rental yields on offer in Darwin are by far the absolute best in the country at the moment.”

Mr Harding said interested buyers needed to act quick to enjoy the benefits of investing in Darwin.

“Take advantage of the market and build a relationship with an agent to know about off-market opportunities,” he said.

“We are selling just as many properties before they proceed to the open market.”