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The Darwin property market is enjoying a happy new year, according to Glenn Grantham, General Manager of Raine & Horne Darwin.

“The sales and rentals markets are producing very healthy numbers for this time of year. We’ve already listed 20 new properties for sale and picked up 25 new property managements,” said Mr Grantham.

“The Darwin real estate market doesn’t tend to click into gear until after Australia Day, yet prior to the national holiday we’d sold 15 properties making this one of the most active Januarys in about a decade.”

The start of the development phase at Ichthys Inpex[i] LNG project is critical to the surge in real estate activity, according to Mr Grantham.

“As part of this phase, the oil producer is employing specialist engineers and technicians to support its operations and Darwin is getting its fair share of new recruits,” said Mr Grantham.

“We’ve seen plenty of Inpex workers at open homes seeking high-end tenancies priced between $700 and $1,200 week, while those considering a property purchase are most active in the $500,000 to $700,000 price range.”

For example, a 3-bedroom house at 4 Arthur Street, Alawa recently listed for $579,000 with Raine & Horne Darwin and is already attracting buyer attention according to Mr Grantham.

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“Boasting old-world charm with modern additions, including undercover parking for four cars, this is a most desirable home situated on a quiet street in the sought after Alawa Precinct.

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“It’s a an easy walk to local shopping centre, schools, Charles Darwin University, and Casuarina Square, which is sure to attract investors and aspiring owner-occupiers alike.”

While Inpex is a driving force, Mr Grantham said that companies supporting the massive LNG are also expanding, and that the consequent spike in employment is good news for Darwin property owners.INPEX

“The market prior to Christmas was a bit sluggish and many vendors shelved their selling plans in frustration.

“However Darwin is a small market compared to Sydney and Melbourne and its dynamics can change very quickly.

“The next phase of the Inpex project is a perfect example of how quickly the demand for real estate can surge in Darwin, creating improved market conditions for vendors to relist their properties for sale.”

INPEX II

[i] http://www.inpex.com.au/our-projects/ichthys-lng-project/ichthys-at-a-glance/