Uptick in NT-based first home buyers as young Territorians save on travel, spend on real estate amid COVID-19

YOUNG Territory workers are spending the money they would otherwise spend on travel to buy into the Darwin real estate market, as real estate agents report first homebuyer numbers are still up and show no signs of abating

• How much house, unit prices have grown over 30 years in Australian cities: How does Darwin compare
• $50k higher offer than expected for property a reminder that presentation matters

TERRITORY-BASED young workers are spending the money they would otherwise spend on travel to buy into the Darwin real estate market amid the coronavirus pandemic, as real estate agents report first homebuyer numbers are still up and show no signs of abating.

According to several local agents, there has been a “significant increase” in the number of people buying their first home in Darwin since the start of the pandemic, as those who have kept their jobs have saved with border restrictions preventing them from big travel-related purchases.

They say the majority of first homebuyers are local, young professional couples in their mid 20s to mid 30s, who are looking for houses – rather than units – in the northern suburbs and Palmerston.

Territory-based young workers are spending the money they would otherwise spend on travel to buy into the Darwin real estate market amid the coronavirus pandemic, say several local agents.

MORE REAL ESTATE NEWS

Rare Cullen Bay waterfront block sells to interstate buyers for close to $1.5m, as interstate interest in Darwin continues to grow

Home sells for more than $1.1m in popular suburb in ‘red hot’ market

Darwin house prices tipped to skyrocket by almost 20 per cent in next two years

O’Donoghues First National Real Estate residential sales agent Tim Mackenzie said his agency had seen first homebuyer numbers rise by 20 to 25 per cent in the past year.

“They haven’t travelled – they haven’t been to Europe or to weddings interstate – and they’ve worked through the pandemic, so they have 20, 30, 40 grand saved up and are getting a nudge from parents or friends to buy a place,” he said.

“While they’re probably busting to get on a plane to Bali, they can’t at the moment, so they’re buying houses, which is great.”

Real Estate Central director and sales professional Daniel Harris said his first homebuyer numbers were up about 20 per cent, with Australia’s record low interest rates prompting more to enter the market.

“There has definitely been a significant increase, particularly in the last 12 months,” he said.

Elders Real Estate sales representative Derek Hart said he had seen a 5 to 10 per cent uptick in Territory-based first homeowners.

HOT NEW DEAL: $1 for 28 days subscription offer

They’re real Darwinites – they’re locals, they’ve got their dog and they want to have a family and buy in the suburbs,” he said.

“Their plan is to stay for five, 10, 15 years – I hear that a lot.”

Find your dream home in today’s real estate liftout

Follow @AliciaCPerera