Prolific 2021 for real estate on the horizon

IT has been one of the most prosperous years for NT real estate in recent history – and if the last few months could talk, they’d say this trend will likely continue

IT has been one of the most prosperous years for NT real estate in recent history – and if the last few months could talk, they’d say this trend will likely roll over into 2021.

COVID-19 promised a lot of heartbreak for businesses and damage the Territory’s miserable real estate sector couldn’t afford – yet after a few weeks of uncertainty at the height of the pandemic in Australia, the industry flourished.

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Many agents are predicting the good news to continue in 2021.

Raine & Horne general manager Glenn Grantham says a “ripple effect” could lead to entry-level properties in Palmerston experiencing a 10 per cent growth in value next year.

Some might call this a brave claim, but when you consider the continuous jump in activity this year, it’s not so bold after all.

Agents are reporting upwards of 50 people at open inspections, houses are going under contract within days of being listed, and a growing number of southerners are moving to live in the safest place in Australia.

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The Real Estate Institute of the NT’s Real Estate Local Market report for the September quarter was one of the most exciting in the past three years, with Darwin’s median house price increasing 0.5 per cent for the quarter to $480,000.

The New Year will be an interesting one for real estate.

Buyers, sellers and investors all have their fingers on the pulse.

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