The NT real estate market has seen a “sizable drop” in home sales for the March quarter, according to the Real Estate Institute of the NT.

The figures were compiled in the lead in to the devastating economic impacts of the coronavirus pandemic.

According to the report, house market volumes dropped by 27 per cent across greater Darwin compared to December 2019, but still some 12 percent above the same period last year. Palmerston also fell by 28 per cent.

Before the pandemic, the housing market in Darwin had seen a sizeable upward movement in volume.

“It is pleasing though to see how well the real estate community in the Northern Territory has adapted to the current environment and, in the main, is pushing on with business as best they can,” REINT Chief Executive Officer Quentin Kilian said.

REINT continues to see a small rise in the house market median price, up this quarter by 2.2 per cent to $470,000. The majority of the sales came in the $350-$450,000 range with an almost equivalent amount in the $450-600,000 range.

The Palmerston house market volume dropped by 28 per cent, 4.5 per cent lower than last year at $425,000.

REINT also saw a steady decline in Alice Springs as the house market plunged in volumes by 28.6 per cent for the quarter and 11.8 per cent year on year.

The unit/townhouse market saw similar falls in quarterly volumes, but all jurisdictions remain well above where sales were last year, REINT said.

Greater Darwin volumes fell 14 per cent. The median priced slipped a little, dropping by 0.7 percent to $302,750.

In Palmerston, market volume was down 5.3 per cent against the December quarter.

Alice Springs unit market sales were also down by 38.6 percent in volume. 

Meanwhile, vacancy rates fell across most jurisdictions, except Alice Springs.

This indicates an active rental market over the last quarter coupled with lower numbers of reported properties under management due to a number of properties being withdrawn from the market or sold, the report states.

Greater Darwin vacancy rate was down to 5.4 percent. The average rent for a three bedroom house in Darwin is $459 per week – down to 2.7 percent for the quarter but slightly higher than this time last year.

Unit rental, averaged on a two-bedroom unit in Darwin, was also down 2.4 percent to $330 per week.

“We suspect that the following report in the June Quarter will show a different picture again,” Mr Kilian said.

He further said the industry was seeing increased buyer enquiries and activity coming from interstate and that a recent survey of REINT members indicated that the property letting side of the industry was still quite busy.

“The REINT will be applying gentle pressure over coming weeks to the Government to start finding, sensible and suitable ways to begin easing restrictions as this is important in reviving our, already failing, economy,” Mr Kilian said.

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