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Rental yields up around 8 per cent and proximity to Asia are leading to an influx of interest in the Northern Territory capital’s property market, according to a GM.
Glenn Grantham, the general manager of Raine & Horne Darwin, has seen it first hand – and it’s prompted the business to employ a salesperson and a property manager who both speak Hindi “as a matter of course to help manage this new source of business”.
From his perspective, “the foreign investor activity in our commercial and residential markets indicates that educated buyers have significant confidence in the Darwin economy and our real estate markets.
“This is an excellent sign for the mum and dad investors locally and in the southern states, especially those chasing rental yields that can be as much as 8 per cent in Darwin for residential assets.”
He flagged that the city’s residential yields are now “on par with commercial yields down south”.
“However, a quality Darwin residential property also offers the prospect of decent long-term growth given this city’s proximity to Asia.”
With the southern state capitals having enjoyed “an extraordinary run with growth over the last 18 months”, Mr Grantham believes that the appearance of foreign investors and self-managed super funds in Darwin indicates the smart money is looking for new real estate options.
He even flagged that the agency had even sold a property to a foreign investor still subject to Foreign Investment Review Board (FIRB) approval.
Highlighting that that buyer was Indian, Mr Grantham said that with the increased interest from the subcontinent, it had been the logical next step to employ Hindi speakers in the business.
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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