House prices for quarter down 5%, units 7%, unit sales up.

2459 Gillen Araluen 1The house market during the June quarter showed a slight decrease in the number of house sales from 78 to 76, whilst the number of unit sales increased from 26 to 35, according to long-time local real estate salesman, Doug Fraser, the Managing Director of L J Hooker Alice Springs.

 

He says the median house price fell from $482,500 to 462,000 and the median unit price dropped from $319,500 to $296,000.

 

There were 13 house sales over $700,000 with the highest price being $950,000 for a residence in Olive Pink Grove, followed by two sales in Stirling Heights with a property at Irlpme Court selling for $800,000 and another in Mparntwe Drive for $825,000. The highest price paid for a unit was $512,000 for a property in Tmara Mara Circuit.

 

Araluen and Gillen were the most popular suburbs for houses with 13 sales each, with Araluen and The Gap being the most popular suburbs for units with seven sales each.

 

Mr Fraser presented a table in his quarterly newsletter which shows a 17% drop from the March quarter in median house prices in Araluen and a 9% drop in Eastside.

 

He says the lower end of the market continues to attract significant interest with the last two auctions of houses on behalf of the NT Department of Housing attracting robust bidding from a large number of intending purchasers.

 

There was limited activity in the commercial and industrial market during the June quarter with the exception of three smaller light industrial properties in Ciccone, the sale of a commercial property in Bath Street for $1.25 million, the sale of the Sienna on Todd complex on South Terrace for $2.7 million, and the sale of a light industrial / commercial property on the North Stuart Highway adjacent to the Peter Kittle Motor Company for $1 million.

 

p2340-Doug-FraserMr Fraser (pictured) says land at Kilgariff stage 1B has now been completed and titles issued.

 

“Construction of the South Edge estate is well under way and should be completed within the next few months. Stage 1A at Kilgariff is slowly filling up with new houses and the estate is now looking very attractive with new residents moving in and landscaping their blocks,” he says. L J Hooker are the agents for Kilgariff.

 

“The number of house sales for the year ending June 2017 showed a marked increase from 257 sales in 2016 up to 314 sales this year.

 

“However, unit sale numbers continued to decline from 145 sales in 2016 to only 115 sales this year. This is the lowest number of annual unit sales since we have been keeping records.

 

“The median house price fell from $485,000 in 2016 to $465,000 this year with the median unit price also falling from $335,000 to $305,000.

 

“The drop in median prices can probably be attributed to the higher number of sales being effected in the lower price ranges. This can be highlighted by noting that the average house sale price, as opposed to the median sale price, was $508,626 for the current financial year. The average unit price was $304,000 which is almost identical to the median sale price,” says Mr Fraser.

 

“The top end of the market continued to be buoyant with 13 sales between $800,000 and $900,000, nine sales between $900,000 and $1 million, and two sales over $1 million.

 

“At the other end of the scale there were 76 house sales less than $400,000 which represents approximately 25% of the house sale market.”

 

PHOTO: Araluen where in the June quarter 13 houses were sold but the prices dropped 17% while next-door in Gillen there was the same number of sales but prices rose 2.4%.

 

 

 

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