Alice Springs

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<p>After several months of uncertainty and low confidence levels in the Alice Springs residential space, it is likely the market should see further stabilisation throughout 2017, according to HTW’s February 2017 update.</p>
<p>The valuation firm says the unit market has seen the most volatility and experienced two years of price reductions.</p>
<p>For this segment, that has reduced the 10-year compound annual growth rate for median prices for this segment to 4.06% in the December quarter 2016 from 7.57% in the same period in December 2014.</p>
<p>The house segment for the December quarter indicated a 10-year compound annual growth rate of 5.29% down from 6.15%.</p>
<p>“Of greatest interest will be the older style, circa 1980s two bedroom unit segment which has been hardest hit with significant price drops of up to 30% over 2014 and 2015 from the highs of 2010 and 2011,” says HTW.</p>
<p>“We have seen a few more sales in this segment (unit sales were at 158 in the year to December 2016, up from 134 in the previous period) providing some indication that some level of confidence is returning.</p>
<p>“We note that while this segment should still be treated with caution for investors with rent levels still showing reductions, for first home buyers, price levels in some cases are at 2009 levels, showing a great opportunity to enter the market.”</p>
<p>A four bedroom house at <a href="https://www.realestate.com.au/property-house-nt-alice+springs-124486430" target="_blank">24 The Fairway</a>, Alice Springs (above) has been listed for over $1,000,000.</p>
<p>Similarly a two bedroom house at <a href="https://www.realestate.com.au/sold/property-house-nt-alice+springs-107622519" target="_blank">15 Tietkins Avenue</a>, Alice Springs (below) was sold for $427,000.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/02/22/15%20Tietkins%20Avenue.jpg" alt=""></p>
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Alice Springs' house prices creating chances for first home buyers: HTW

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<p><span>In the lead up to the Northern Territory government election in August this year, there has been a major focus on the current situation regarding crime in Central Australia, with many locals believing it has worsened over recent months, according to a recent Herron Todd White (HTW) residential report. </span></p>
<div><span>The current COVID-19 epidemic is going to have a negative impact on key drivers, so it will be interesting to see what impact this may have on the property market in the short to medium term, the valuation firm said.</span></div>
<p><span>"It seems to be the hottest topic of conversation around town and on local social media platforms, apart from COVID-19 of course. </span>People are asking the question regarding what impact (if any) this increase in crime might have on property values," the valuation firm said. </p>
<p>Whilst there is anecdotal evidence of people leaving town because they have had enough of the increasing crime and other social issues, it has not become apparent yet that it has impacted on the property market. That is not to say it might be the cause of a downturn in the coming months.</p>
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<p><span>The other factor looming large as a real threat to the health of the local economy (no pun intended) is of course COVID-19. At the time of writing there is uncertainty about exactly how big the impact will be from this crisis, the report noted. </span></p>
<p><span>Central Australia has long relied on the tourism industry as a major employer and revenue generator. With travel restrictions imposed already and the likelihood of more stringent restrictions to come, the immediate future of the tourism industry does not look bright. These restrictions could not come at a worse time, leading into winter, which is peak tourist season.</span></p>
<p><span>"The longer term impacts of these events is difficult to forecast, however with a market that is already in a fragile state, it could prompt a downturn in values as people sell up and leave town or are forced </span>into selling due to financial circumstances," the valuation firm said. </p>
<p>"With no significant capital growth being experienced in recent years, a sudden influx of properties being listed for sale is likely to create an over-supply.</p>
<p><span>"The coming months leading up to August 2020 and beyond have the potential to shape the residential market in Alice Springs for years to come." </span></p>
<p><span>A recent sale in the Alice Springs region is a four bedroom in Gillen. </span></p>
<p>The <a href="https://www.realestate.com.au/sold/property-house-nt-gillen-133053974" target="_blank">16 Underdown Street</a> family home (pictured below) which includes a granny flat was sold for $425,000. </p>
<p><span>The home features open plan living and dining, games room, alfresco courtyard area and double carport. </span></p>
<p><span><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/5/25/gillen%201.jpg" alt=""></span></p>
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<p>A current listing is a three bedroom house in Larapinta priced at $329,000.</p>
<p>The <a href="https://www.realestate.com.au/property-house-nt-larapinta-133561842" target="_blank">9 Saltwell Street </a>home (pictured below) features open plan kitchen and dining, outdoor veranda and carpeted bedrooms.</p>
<p>It also features kitchen with gas cooking, separate toilet and garden space. </p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/5/25/larapinta%201.jpg" alt=""></p>
<div><span style="text-decoration: underline;"><em>Note regards COVID-19</em></span></div>
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<span><em>This edition of Month In Review had its topic defined in late February with submissions from our offices collated through to late March. During this period, shifts in the social and economic landscape due to COVID-19 became increasingly dramatic, as demonstrated by the varied information provided by offices over the course of three weeks.</em></span><em><br></em>
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<div><span><em>This month’s residential theme on baseline property market drivers remains a common thread, and provides an indication of what influences to monitor as the property sector recovers post-crisis.</em></span></div>
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How will COVID-10 pandemic impact Alice Springs property market: HTW residential 

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<p>The Alice Springs market traditionally enjoys a livelier period during the spring months and heading into December with sales numbers generally well up on the previous quarter, according to the latest Herron Todd White (HTW) residential report.</p>
<p>The valuation firm noted that, this is in part due to the comings and goings as people relocate towards the end of the year however as the chilly mornings and frosts leave us, the presentation of well-kept gardens shines through and spring proves the best time to sell.</p>
<p>The market has shown mixed results in recent months however, which is likely to continue.</p>
<p>"Recent shining lights include the rural residential market with more sales above the $1 million mark and the Old East Side area continuing to be popular," stated HTW valuers.</p>
<p>Units continue to be generally soft, more so for older 1980s 2-bedroom townhouses which have continued to decline in value however more are starting to sell which is a positive sign. New and modern units have proved more resilient with good demand and stable price levels.</p>
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<p><span>An East Side two bedroom unit is now on the market with the price of $199,000 (pictured above).<br></span></p>
<p>Situated in a small complex, the unit at <a href="https://www.realestate.com.au/property-unit-nt-east+side-129260470" target="_blank">11/4 Undoolya Rd </a>comprises of two bedrooms, open plan living/dining, kitchen and private yard.</p>
<p>It's within walking distance to the CBD, restaurants, schools and local shops.</p>
<p><span>"we look forward to the traditional uplift over the next couple of months particularly after an extended period of stabilisation and with some new developments starting construction it will be another interesting quarter," stated the valuers.</span></p>
<p><span><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/9/6/larapinta.jpg" alt=""></span></p>
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<p>A renovated three bedroom house in Larapinta been recently sold for $527,500 (pictured above). </p>
<p>The house situated at <a href="https://www.realestate.com.au/sold/property-house-nt-larapinta-126277982" target="_blank">36 Bokhara St</a> features three bedroom with built-ins, gourmet kitchen, large deck with views, two internal living areas and in-ground pool.</p>
<p>Other highlights include solar panel system, lock up garage, and split system heating and cooling throughout. </p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/9/6/sadadeen.jpg" alt=""></p>
<p>Another recent sale is a Sadadeen three bedroom house sold at $385,750 in August (pictured above). </p>
<p>Set on a large corner block, the house at 1 kuhn Court consists of three bedrooms, renovated bathroom, spacious living and dining and corner kitchen.</p>
<p>The outdoor features covered entertaining area, garden shed and storage room. </p>
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Alice Springs property market sees an uptick, but remains in overall decline: HTW

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<p>Due to changes in the market in recent times the valuation firm, Herron Todd White noted they have seen investors become less active in the Alice Springs market, with the vast majority of transactions relating to home occupiers. </p>
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<p>"We are currently seeing activity from first home buyers after a quiet period for the occupiers.</p>
<p>"We are also seeing good activity to upgraders locally, however the empty nesters and downsizers are very quiet due to these purchasers typically leaving town to be close to family, making way for new entrants."</p>
<p>In the first home buyers category HTW typically see activity up to around $500,000 with a broad range of property from older style units to renovation projects or new larger homes.</p>
<p>"More recently we have seen a trend more towards newer property, particularly with the emergence of the newest suburb in Alice Springs, Kilgariff.</p>
<p>A three-bedroom house at <a href="https://www.realestate.com.au/sold/property-house-nt-kilgariff-123652386" target="_blank">Lot 7305/3 Cramer Street, Kilgariff</a> (picture above) sold for $526,500. The selling agent was Gail Tuxworth of LJ Hooker.</p>
<p>"This is largely as a result of the first home buyers grant available for builds or newly constructed dwellings," the HTW report noted.</p>
<p>There had also been an increase in the range of property available to first home buyers such as newly renovated bedsit units, not previously available in the local market.</p>
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Alice Springs first home buyers heading to Kilgariff

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<p>Investor activity in Alice Springs has not yet returned to previous levels, according to Herron Todd White’s latest report.</p>
<p>The property data firm says that however some investors remain keen to invest in the area.</p>
<p>“During the market correction experienced in Alice Springs post 2014, investor activity was noticeably reduced and has not yet recovered to previous levels.</p>
<p>“Some savvy investors remain however and are keen to jump on good opportunities.</p>
<p>“The Real Housing for Growth head leased properties were the most popular while they were available as they offered strong ten year leases plus options and were only available on new properties which offered the added depreciation benefits.</p>
<p>“These opportunities aren’t currently on offer for new properties although some pop up from time to time for resale.</p>
<p>“The stronger end of the investor market has traditionally been the sub $500,000 category which is still generally the most sought after,” the report stated.</p>
<p>A three bedroom house at <a href="https://www.realestate.com.au/property-house-nt-braitling-125756178" target="_blank">10 Timbira Street</a>, Braitling (above) has been listed for over $595,000.</p>
<p>Built in 1980 it last sold for $465,000 in 2013.</p>
<p>A four bedroom house at <a href="https://www.realestate.com.au/property-house-nt-gillen-126130550" target="_blank">20 Hablett Crescent</a>, Gillen (below) has been listed for $595,000.</p>
<p>Built in 1975 it last sold in 2010 for $610,000.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/08/23/20%20Hablett%20Crescent.jpg" alt=""></p>
<p>Units have a slightly higher gross yield compared to houses Herron Todd White advises.</p>
<p>“Units at this level now offer gross yields of in excess of 6.5% for units, particularly older units however the returns can be reduced by high strata levies in certain areas.</p>
<p>“Houses sold for investment are less frequent, however typically offer a lower gross yield of closer to 6%.</p>
<p>“Local investors are typically well educated in the market corrections that have occurred in recent years and will be seeking strong yields in return for lower capital gains.</p>
<p>“With early signs now evident that there has been some stabilisation in the market we should see more activity.</p>
<p>“There are still some entry level units selling for significantly less than a few years ago and entry level houses that require some TLC and upgrades that will see investors find some good returns going forward,” the report advised.</p>
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