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Published on November 13th, 2012

Positive signs in Darwin real estate

Darwin is experiencing some positive signs in the residential property sector as it looks to create more real estate to cope with the increase in population due to massive infrastructure projects.

The biggest residential development in Darwin, which is located at the waterfront took its next exciting step two weeks ago when 40 apartments were sold on the day, making 80 per cent of the entire project already been purchased.

The unique position of the waterfront property is what drove those sales as the public looked to get in on this development.

Elders Real Estate general manager in Darwin Chris Deutrom said that the Northern Territory is a market that bucks national trends.

"We're a bit different to other states like Queensland. The last few years have been quite positive in the Northern Territory. While the rest of the country was experiencing a boom in 2009, that year was a bit difficult up here," he said.

The market is seeing some strong momentum with houses in the middle of the range around $600,000 experiencing a strong turnaround. Chris says that they run a six week advertising campaign and 90 per cent of the time a property will be sold within that time frame.

Even the more expensive properties from $1 million upwards are doing well, which Chris attributes to the fact that there has been a sharp fall in interest rates and all that extra money really adds up.

In between the average prices and the expensive ones, the $800,000-$1 million bracket is experiencing a slight lull where apparently buyers are either interested in high-end properties or average priced ones with not much middle ground.

Talk to Elders Real Estate about how they can facilitate your property needs in a professional and timely manner as we always ensure that a client receives expert advice and first class service.

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