Selling in a Tough Market!

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$$$$, Auction, Boom, Darwin, First Homebuyers, Home, House Price, Median, Northern Territory, NT News, Property, Raine & Horne, Real Estate

The 2016 Darwin Residential Sales Market is presenting as one of the toughest if not the toughest market in which I have been involved over the last 28 years in Real estate.

Now that is really saying something as I started my career selling homes in the ‘recession we had to have’.

The lowest sales No’s on record in Darwin since the REINT started keeping statistics in 1999.

But I am not here to belabor the point as to how tough it is for the poor old Real Estate Agent. Because unless you are a Real estate Agent who would actually care?

What I am here to talk about is something we are seeing that is making the job a little more exciting as we are at least getting some traffic through the door and having the opportunity to talk to someone rather than just putting out and collecting Home Open signs 8 times a Saturday.

In the NT the Auction system is a much maligned and avoided tool. We hear all the excuses from ‘Auctions are Expensive’ to ‘I’d never buy at an Auction’ however I can tell you that they are currently getting more people through the door.

Over the last 2 years I have tracked the No of attendees at our Home Opens and the average has diminished over this time from 3/open to where it currently sits at 0.7/open.

The last 5 auctions we have conducted had an average of 7 attendees per Home Open and there were 38 people in attendance at the Auction just 2 weeks ago. 4 out of 5 properties have sold so far in the Auction Program (coincidentally only 1 Under Hammer) and we are dealing with buyers on the other.

Now that is not to say that we recommend Auctioning everything however it certainly makes a strong statement in a market where the average Days on Market is in excess of 120 days and approximately 8% of properties are selling of those listed for sale in any month! Meanwhile we have an 80% strike rate on Auctions…..Just Saying!

There is one thing that I do know for sure and that is that ‘You can’t sell a home if you do not have a buyer’ and the traffic of potential buyers certainly increases during our Auction campaigns…..it stands to reason that you would have an increased chance of sale in a Tough Market?

 

Zuccoli Aspire News May 2016

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$$$$, Boom, Darwin, First Homebuyers, Home, House, House Price, INPEX, Investment, Northern Territory, NT News, Property, Raine & Horne, Real Estate, Zuccoli Aspire

Here is your chance to catch up with all the news about the fastest selling Land Estate in the Northern Territory straight from the mouths of the Developers.

Urgent Darwin Property Market News

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$$$$, Darwin, First Homebuyers, House Price, Median, Property, Raine & Horne, Residential, Urgent, Vacant Land

Residential Land available to Darwin Homebuyers from $117 000!

This is without doubt the biggest news to hit the Darwin Residential Property Market in at least the last decade and potentially the last 40 years!

The attached video features the Developer and Sales Agents – Raine & Horne Darwin who will commence public release of Stage 1 of Zuccoli Aspire comprising almost 200 blocks on the 20th June.

These properties will provide the opportunity for homebuyers and investors alike to purchase the best value land in any Australian Capital City.

Contact Adam McCann on 0499 558 842 to ensure that you have an appointment to purchase.

ABC Radio Interview – First Homebuyers in Darwin

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$$$$, Darwin, First Homebuyers, Home, House Price, Median, Real Estate

I was invited by the ABC Darwin today to participate in an interview on air as the General Manager of Raine & Horne Darwin.

The topic was the Darwin Market and current comments in the media calling for a First Homebuyers Incentive for established homes.

Interesting topic to talk about and quite a good session so I thought I would give you the chance to have a listen.

Darwin Property Available

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Darwin, House, House Price, Projects, Property

The Raine & Horne Project Marketing department will be handling the sale of more than 1 000 properties in Darwin in the next 12 months!

This is what we are doing about the housing shortage in the NT.

I caught up for a chat the other day and thought you may find it interesting….I know I did.

Darwin is going OFF

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Boom, Darwin, House Price, INPEX, Median

The news on the street is that the residential property market in Darwin is HOT!Is it enough to start uttering the word BOOM?Talking with my team at the Coalface about the weekend activity would suggest that we are heading that way. One of my reps SOLD 6 homes this weekend, another SOLD 4 plus the Project Marketing Department look to have locked away 9 clients pending production of Contracts on ‘Off the Plan’ sales.You would have to think that this is pretty good signs that we are about to see some serious increases in prices if the massive increase in enquiry is anything to go by?

This spike in activity is generated from the INPEX Final Investment Decision issued just over a week ago (See previous blogs for details).I’ll leave you with a story which happened this week and you make up your own mind whether Darwin is the place to invest for growth ion the coming years….One of my reps released a home to the market for $659K on Monday. Before he had time to get the ad in the paper he received a full price offer on the property which was negotiated and he was instructed to prepare contracts. Before he could get the papers signed the owners received advice and altered the price to $720K. he opened the home on Saturday and Sunday with an advertised price of $659K with over 30 people attending the opens and being advised that the price was now $720K…….He has 2 interested parties looking to go to contract!

You heard it first on this blog. When you make the big bucks a 10% royalty cheque to G Grantham will be gladly accepted?

Darwin Property Boom

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Darwin, House Price, Northern Territory, NT News

The NT Newspaper today released the BIS Shrapnel research report results which predict that the median house price in the Darwin Property Market will increase 16.5% over the next 3 years.

This represents the third highest predicted growth rate in Australia of any capital city for the same period. The predictions of growth are made even more exciting by the fact that the Darwin median house price starts from a very healthy base of $515 000. Which means that the anticipated median house price is anticipated to be $600 000 in 2014.

Personally I think that this news is all a pile of garbage!

To anticipate that the Darwin median house price will increase by this meagre amount over the next 3 years when you consider the huge projects that Darwin has in the offing just shows that the economists in BIS Shrapnel have never even been to Darwin.

Sitting with a local bank manager the other day I was treated to some insights upon details regarding approximately $900 000 000 worth of major projects which already have funding in place and will be commencing over the next 12 months within Darwin. These projects alone are predicting an increase of population of approx 2 000 permanent employees.

This is not to mention the other subsidiary projects and employees required to support these major projects. Of course there is also a little project called INPEX which is worth $20 000 000 000…….and god alone only knows how many employees transient and local……which is just around the corner and has 100% of its gas contracts SOLD.

We already have an almost 0% vacancy rate, insufficient work force to supply employment demands and a property sales market that is humming (See earlier blog). You do the math! If you are expecting only a 16.5% increase in Darwin median house prices over the next 3 years then hang onto your hats….You are in for a wild ride as far as this little black duck is concerned.