Darwin a seller’s market as available real estate plummets almost 40 per cent in past 12 months
DARWIN homeowners have a further incentive to sell with newly released figures that show available stock in the city has fallen by almost 40 per cent in the past 12 months
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DARWIN property owners have a further incentive to sell with the release of new figures that show the city has had the steepest decrease in the number of real estate listings of any capital in the past year, with available stock falling by almost 40 per cent.
A national property market summary from CoreLogic, released this week, shows total listings in Darwin have plummeted 37.9 per cent between March 2020 and March 2021, in the biggest decline in listings of any capital city in Australia.
According to CoreLogic, there were 1095 properties for sale in Darwin on March 15, 2020, compared to just 680 on March 14, 2021.
New listings alone decreased by 7.4 per cent, from 148 to 137.
Raine & Horne Darwin general manager Glenn Grantham said Darwin’s listings had fallen over the past year due to a huge increase in sales volumes, fuelled by an influx of people arriving from interstate coupled with more residents staying on amid the COVID-19 pandemic.
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He said the lack of stock had already started putting upwards pressure on median house prices, making it an exciting time for sellers.
“The opportunity for sellers, especially in that sub-$650,000 price bracket where there is absolutely frenzied action, is to elevate their sale price very quickly,” he said.
“They have the opportunity to get a higher price for their property, and a more rapid result. So it’s a seller’s market.”
Elders Real Estate sales representative Derek Hart said the low supply of available properties had already driven up house prices to the point where sellers could once again make a profit.
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“It’s very positive for people who purchased their property some years ago and are now getting their money back, if not making money on selling their property,” he said.
“We are at that stage now where people can get money on what they originally bought a property for.”
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