Property Forecast 2021

The March 2021 quarter saw a 10.8 percent quarterly increase in sales volumes in the Northern Territory, according to the Real Estate Institute of Northern Territory (REINT).

It was accompanied by price rises in the Top End property market.

The March 2021 Quarter sales volumes was up a solid 51.1 percent from last year.

The unit/townhouse market showed equally strong results to start the year with sales up by 4.3 percent for the quarter and up 43.3 percent annually.&nbsp;

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The median price of a 2-bedroom unit continued to climb, up 3.1 percent this quarter to $330,000, which is a 9 percent increase on last year.

Palmerston had very solid sales in units this quarter, up 29.4 percent for the quarter with the median coming up 30.6 percent to $320,000.&nbsp;

The median price of a 3-bedroom house also saw solid gains, up 9.4 percent in the quarter to come in at $547,000. &nbsp;&nbsp;&nbsp;

Palmerston had a strong sales volumes with 115 properties sold &ndash; up 13.9 percent quarterly and up 62 percent annually. &nbsp;&nbsp;

The Palmerston median price also lifted by 7.5 percent to $500,000, which was 17.6 percent higher than March quarter 2020.

Alice Springs quietened a little with 77 transactions, up 71 percent annually in volumes, to a median house price of $469,000.

Alice Springs saw a quieter quarter for unit sales volumes, but did see a small increase in median price to $360,000.

Residential land sales continued very strongly in the March Quarter with blocks under 600sqm lifting by 128.6 percent for the quarter or 242.9 percent annually.&nbsp;

The median price was reasonably steady at $191,000.&nbsp;

&ldquo;The rental market continued to perform very strongly for investors and landlords&rdquo;, stated Quentin Kilian, chief of the Real Estate Institute of Northern Territory (REINT).&nbsp;

Rents on 3-bedroom houses rose 6 percent in the quarter to $538.50 per week, which is an annual rise of 17.3 percent. &nbsp;

Units were fairly static for March, moving up just 0.1 percent to $364.00 per week, however that is 10.3 percent up from March 2020.

Rental yields relaxed a little in March but remained very strong at 5.1 percent for houses and 5.7 percent for units. &nbsp;&nbsp;

&ldquo;We remain one of the best investor markets in Australia with the strongest rental yields of any Australian capital city, and the yields in Katherine and Alice Springs regularly exceed 6 percent&rdquo;, said Mr. Kilian.&nbsp;

Vacancy rates have tightened again from December, coming back to 1.8 percent across Greater Darwin; 1.6 percent in Palmerston and 2.4 percent in Alice Springs. &nbsp;

Unit vacancies in the rural area have hit 0 percent.&nbsp;&nbsp;

The March 2021 quarter saw a 10.8 percent quarterly increase in sales volumes according to the Real Estate Institute of Northern Territory (REINT)

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Northern Territory two bedroom unit prices up 3.1 percent to $330,000

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As ME Bank records buoyed positive sentiment amongst Aussie property investors and Westpac forecasts Melbourne dwelling values to rise 10 per cent in 2021, now may be the ideal time for investors to secure a new apartment.

Although Melbourne’s property market still has some way to go before it returns to pre-COVID levels, the current circumstances provide a unique opportunity for buyers to secure an apartment before investors return to the market in full force.

For those hoping to get ahead of the anticipated increase in activity, Urban takes a look at five two-bedroom apartments in Melbourne for under $800,000. 
 

1. 661 Chapel Street, South Yarra 
Address: 661 Chapel Street, South Yarra VIC 3141 
Two-bedroom apartments from $798,000

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Located just three-kilometres south-east of the Melbourne CBD, 661 Chapel Street provides investors with great opportunities to capitalise on high-income professionals who are renting in Melbourne.

Although South Yarra has an average rental yield of 3.7 per cent, according to REIV, one two-bedroom apartment in the 661 Chapel Street complex was listed for rent at $950 per week in 2020.

Based on the current two-bedroom apartment price, this reflects a rental yield of almost 6.2 per cent, which is no surprise when you take a look inside the luxury development.

A four-level private lobby, 25-metre pool, grand library and winter garden are among the hotel-like amenities available to residents. 
 

2. Voyager, Docklands 
Address: 103 South Wharf Drive, Docklands VIC 3008 
Two-bedroom apartments from $706,500

[smartcode_project:default project_id=3494]

Research conducted by independent property consulting firm Urbis found that Melbourne’s Docklands residential population is expected to grow at an annual rate of 7.0 per cent per annum over the next five years, providing great opportunities for investors.

The rental market for Docklands is strong with median rents for two-bedroom apartments higher than Greater Melbourne.

Voyager’s large selection of versatile floorplans are designed to suit all homebuyers with luxury homes, inspirational artist apartments and flexi-apartments still available. 
 

3. Hawthorn Park, Hawthorn East 
Address: 33-53 Camberwell Road, Hawthorn East VIC 3123 
Two-bedroom apartments from $670,000

[smartcode_project:default project_id=3730]

Hawthorn Park, located in the small inner-east suburb of Hawthorn East, offers owner-occupiers and investors alike with a luxury residence with a community feel.

The development’s two-bedroom apartments, priced from $670,000, are on par with the suburb’s median two-bedroom unit price of $669,000.

According to the Department of Human Services, two-bedroom apartments in Hawthorn East registered median rental growth of 5.3 per cent per annum in the ten-year period to June 2016.

Offering a very high walk score of 90, large floor plans and an incredible sky bridge pool, homebuyers who purchase an apartment at Hawthorn Park will unlikely be led astray. 
 

4. Hurstmon, Malvern East 
Address: 3 Hurstmon Street, Malvern East VIC 3145 
Two-bedroom apartments from $795,000

[smartcode_project:default project_id=4807]

Marketed towards young professionals and downsizers in Melbourne’s Malvern East, Hurstmon is a stylish home defined by rich layers of experience and character.

Catering to Malvern East’s dominant type of buyer and renter, this home has the potential to become a profitable investment due to its contemporary architecture and great location.

Set amongst beautiful parks, historic gardens and tree-lined streets, Hurstmon provides landscaped green spaces, premium finishes and floorplans responsive to changes and requests by homebuyers.

According to REIV, the average rental yield of units in Malvern East sits at 3.0 per cent. 
 

5. Normanby, Southbank 
Address: 199-201 Normanby Road, Southbank VIC 3006 
Two-bedroom apartments from $726,300

[smartcode_project:default project_id=1487]

Southbank and other CBD suburbs are highly prized for their employment opportunities, well-established communities, great public transport offerings and cultural landmarks.

Normanby’s sophisticated form and elevated amenities create a luxe environment that is sure to deliver the needs of its residents, from investors to owner-occupiers.

The development boasts uninterrupted city views, an elevated infinity pool and hotel services and amenities, thanks to the adjoining AC Hotel by Marriott.
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Current conditions in the Melbourne property markets provide a unique opportunity for buyers to secure an apartment before investors return in full force

Property Forecast 2021

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