Darwin market steadies

Darwin market steadies

Posted on Monday, June 30 2014 at 10:22 AM

It’s been a booming year with annual average growth just a tick under 10 per cent, but now Darwin’s real estate market is taking a breather.

Notorious for its high entry
costs, Raine Horne Darwin general manager Glenn Grantham believes the
town’s property market has finally steadied.

“Homeowners and investors have enjoyed a number of very
good years, however values have steadied, which is giving buyers more chance to
secure a well-priced, well-located home in Darwin,” he says.

It’s about three years since the market was in favour of
buyers, according to Grantham. And from January next year, first homeowner
incentives will be further skewed towards those buying or building a new home.

“To encourage the construction of new homes in the
Territory, from the start of next year, a First Home Owners Grant of $26,000
will only be available to first homebuyers who enter into a contract to build
or purchase a new home, or commence construction of a new home, on or after
that date,” he says.

“This change to the scheme is undoubtedly aimed at getting
more new buyers to consider the brand new Palmerston suburbs such as Durack
Heights, Johnston, Zuccoli and Bellamack.”

Grantham says the window is closing fast on first
homeowners hoping to take advantage of the $12,000 grant available for
established properties in the Northern Territory.

“While the grants will be tilted towards new buyers, there
is still a window of opportunity for first-timers considering buying an
established home in an urban area to take advantage of the $12,000 that will be
on offer until the end of the year,” he says.

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