Property ‘hot spots’ revealed: Where to find some of the best deals in Darwin

The Darwin real estate market may be surging but there are still a handful of property ‘hot spots’ where savvy buyers and investors can find a bargain, according to a local agent.

THE Darwin real estate market may be surging but there are still a handful of property “hot spots” where savvy buyers and investors can find a bargain, according to a leading local agent.

Raine & Horne general manager Glenn Grantham said while Darwin house and unit values had skyrocketed in the past year, that growth had been patchy, and there were certain suburbs where prices hadn’t risen as steeply as elsewhere.

He said the top areas where buyers could still find good deals included Darwin City, outer Darwin suburbs such as Malak and Karama and inner Palmerston suburbs including Driver, Rosebery, Bakewell and Woodroffe.

MORE REAL ESTATE NEWS

‘No vacancy’: Availability of Darwin rental properties drops to lowest level in the country

‘Unable to keep up with demand’: Land for housing ‘dries up’ in Darwin as demand for new blocks overtakes supply

Homes now cheaper to buy than rent in almost every NT suburb, new real estate report finds

“In the Darwin CBD, there has been an oversupply of apartments and as a consequence the take-up of stock there has lagged compared to the A-grade stock in the northern suburbs,” he said.

“The other suburbs (that are hot spots) are probably not the top level desired suburbs across the Darwin market … but they’re still in the northern suburbs corridor, and in the case of Palmerston, those suburbs are in the A-grade areas of (that city).”

“There are still affordable places out there, you just have to dig a bit deeper.”

He said as an example, while a four-bedroom two-bathroom house in Rapid Creek might cost somewhere in the $900,000s range, a similar house in Malak would be expected to fetch a price in the early $600,000s.

Darwin City is one of several property ‘hot spots’ in the Darwin real estate market, according to a leading local agent. Picture: Che Chorley

O’Donoghues First National Real Estate residential sales agent Tim Mackenzie said inner city Darwin and Palmerston were more affordable areas at the moment because they had a higher proportion of units than most suburbs.

“The unit market hasn’t been on fire like the houses market has, so there are still affordable places to be bought in the Darwin CBD and Palmerston,” he said.

“But at some stage the unit market is going to start following houses, and we’re probably starting to see that now.”

Find your dream home in today’s real estate liftout.