New report shows increase in sales for prestige properties

AN increase in million-dollar plus residential sales has agents confident the prestige market will thrive and flourish into the new year

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AN increase in million-dollar plus residential sales has Top End agents confident the prestige market will thrive and flourish into the new year.

Herron Todd White’s residential report for November showed there were 29 residential sales in the Darwin/Palmerston and rural residential areas above $1m in the calendar year to late October.

For the same period in 2019 there were only 19 sales.

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Herron Todd White Darwin residential director Will Johnson said in particular buyers were driven to prestige properties with water views, or acreage.

“Long held premium locations of Larrakeyah, Cullen Bay, Fannie Bay & Bayview remain the sought-after water locations with ocean and/or marina views,” he said.

“Knuckey Lagoon still presents as the premium Rural Residential location of the Darwin market, nearby access to all urban infrastructures balanced with space and country feels are the drivers in this location.

38 Hodgson Drive, Leanyer is expected to fetch more than $1 million at auction with Real Estate Central. Picture: SUPPLIED

38 Hodgson Drive, Leanyer is expected to fetch more than $1 million at auction with Real Estate Central. Picture: SUPPLIED

38 Hodgson Drive, Leanyer is expected to fetch more than $1 million at auction with Real Estate Central. Picture: SUPPLIED

“It’s certainly not all doom and gloom in the Darwin market … Without doubt there will be more to talk about in 2021 as the Darwin market continues to recover and transition to the next stage of the cycle.”

Real Estate Central sales professional Judy Truong said the market as a whole had continued from strength to strength this year, but a resurgence was appearing in the upper-end market.

“One of the key indicators is the strength at the upper-end of the market, with frequent sales occurring above the $650,000 mark – which had previously been a ceiling value – particularly given the stamp duty for first home buyers in the Territory being capped at that price point,” she said.

“Our office alone had three sales over $1m in October and we expect to see at least two sales in November above a million.”

Ms Truong recently launched prestige property 38 Hodgson Dr, Leanyer, a semirural 5 acre property, expected to easily fetch more than $1m.

The home belongs to local paediatrician Dr Charles Kilburn.

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“On the opening weekend, I had over 42 groups and two offers,” Ms Truong said.

“This property will comfortably achieve over my recent off-market sale of $1.3m in Glyde Court, Leanyer.

“The response from the market is a true sign that we are seeing some returned confidence to Darwin.

“The traditional Christmas close-down is not expected this year, as many Darwinians are sticking close to home … With the returned confidence to Darwin residential real estate and the recorded median house price growth, the outlook for 2021 is exciting.”

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