High-end apartment prices on the rise as more reach $1m mark

NT News 13/12/2020

DARWIN’S top-tier apartments are starting to return to their original sales prices, with a growing number hitting the market for $1m or more.

There are currently 10 apartments on sale for more than $1m in Darwin, compared to five at the start of December 2019, according to REA Group data.

Raine & Horne Darwin general manager Glenn Grantham is currently advertising a series of penthouse and sub-penthouse apartments in the Evolution building for offers over $3m.

“The reason we may be seeing more on the market now is because there is more interest in those higher level properties now than in the last six years,” he said.

“We haven’t been selling anything above $700,000 in Darwin in that time, and now we’re creeping up to $800,000s and $900,000s and soon we could be seeing a million in front of that.

“The improving market is supporting more high-end property. We have seen that with houses, and now we’re seeing penthouse apartments in that realm as well.”

Chin Property Group director Seth Chin, who listed a sub-penthouse apartment in the prestigious One30 building for $1.25m on Wednesday, said more high-end apartment owners were listing their properties now as the market continued to improve.

“These kinds of apartments were originally selling for $1.1m to $1.35m at the top of the market,” he said.

“We’ve seen some of them sell for around the $850,000 to $1.1m mark, but prices are coming back a bit now because there haven’t been new apartment developments of this calibre for about four years or so. It’s all supply and demand.”

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