Homebuyers and investors stranded by COVID in New South Wales and Sydney are increasingly considering moving and Darwin is their first choice, according to the latest information from Raine & Horne.
Since the closures began in Greater Sydney in the last week of June, inquiries from interested New South Wales buyers looking for properties in Darwin have increased by 20%.
Raine & Horne Managing Director Glenn Grantham said it was reminiscent of what happened during the extended lockdown in Victoria.
"This new interest in Darwin follows the successful 5-day lockdown of the Northern Territory followed by the immediate return to standard transmission for business, real estate and our economy," Mr. Grantham said.
“The lockdown was immediate, difficult, and allowed us to move forward quickly. It was also the shortest actual lockdown of any capital city during the pandemic. "
What are New South Wales investors looking for in Darwin?
NSW investors are most interested in properties in Darwin and Palmerston. A value of $ 500,000 is the "sweet spot" for investors who wish to take advantage of the city's thriving market.
"Many investors in New South Wales are also looking for vacant properties, rentals where current tenants are about to vacate or whose leases are about to be renegotiated," said Mr. Grantham.
“Previously, investors ignored vacant or expired apartments. But with rents in Darwin and Palmerston skyrocketing, they're now popular with savvy investors. "
What makes Darwin attractive is his return on investment which sits above 7%, significantly higher than in Sydney where it is difficult to find even a return of 3%.
Header photo by Jamie Davies on Unsplash
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