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Strong demand for A-grade residential stock, coupled with the recent announcement of a government strategy to encourage interstate workers to the territory, is set to underpin Darwin’s rebounding property market.
This is according to general manager of Raine & Horne Darwin Glenn Grantham, who said that demand for larger styled homes was on the up.
“There is more demand from owner-occupiers and interstate investors for A-grade-quality stock such as established three- to four-bedroom houses in the city’s northern waterside suburbs like Parap, Larrakeyah, Fannie Bay and Ludmilla,” the GM said.
“We believe the interstate demand will intensify now that the NT government has given the green light to population growth strategy that includes financial assistance to those who choose to move to the territory.”
Mr Grantham said that interstate workers would be good news for property in the region.
He said that families who move to the Northern Territory will receive $7,000 to help with the relocation, while couples will receive $6,000 and singles will get $3,000, as part of the New Territorians Bonus.
Mr Grantham explained that new residents will get an additional cash bonus if they stay continuously for five years, with singles eligible for a $3,000 boost, while couples can earn $6,000 and families $7,000 for staying long term in the territory.
In addition, a $1,250 benefit will be payable after six months to cover expenses such as vehicle registration and licensing, local hospitality vendors and childcare support.
“The government expects these bonuses will create 21,000 jobs, while an interstate family moving to the territory could earn more than $15,000 to make the move,” Mr Grantham said.
“There is no doubt some of this money will find its way into the Darwin property market.”
Mr Grantham said that waterside housing in the northern suburbs “ticks all the boxes” for local and interstate buyers, such as proximity to the CBD, the Darwin waterfront, Charles Darwin University and major shopping precincts.
“However, waterside suburbs in Darwin’s north are relatively tightly held, which is forcing some buyers to cast their nets wider,” the GM said.
“We’re getting multiple offers for houses in northern waterfront suburbs, but there is only so much A-grade residential stock in Darwin to go around.”
