An award-winning home has sold for a suburb record in Darwin, thanks to rising house prices giving local owners a spike in their equity.
The four-bedroom, two-bathroom house at 13 Fiat Ct, Zuccoli, won the city’s Master Builders Award in 2018.
Built by Captiv8 Homes, the property was based on one of the company’s designer homes, customised for a local family.
13 Fiat Ct, Zuccoli, sold for a suburb record at the end of April, marking a growing change in Darwin’s housing market.
The home was listed for sale when the vendors decided to move south for work, with Freedom Property’s JH team in charge of the campaign.
Agent Jacob Reynolds said the home quickly became “our most clicked campaign after anything we’ve listed in the last six months”.
“Pretty much everybody we had interested in the property was an upsizer,” he said.
“Most buyers we were dealing with had a budget to buy in the area from anywhere up to $1.3 million.”
The award-winning home had seen a wave of local upsizers interested in the property, who had more equity to bargain with thanks to spiking home prices.
One of several interested families managed to score the home for a record of $1.175m.
The lowset modern home saw high demand from locals eager to upgrade to a turnkey property in a quiet cul-de-sac.
The home soon received a private offer by a local family, selling for $1.175m at the end of April.
My Reynolds said this record suggested a change in Darwin’s growing housing market.
“I’m noticing a shift where I’ve never seen it before,” he said, “where people are willing to spend the same amount in Palmerston as they would closer to town.”
The Palmerston region is typically seen as a cheaper entry point for homeowners in Greater Darwin, but has recently seen a growing market for high-end homes.
Mr Reynolds added some of this change was caused by existing homeowners suddenly flushed with equity, thanks to spiking house prices.
“The lower price points, $750,000 and below – everything moved about $200,000 in the last 18 months,” he said.
“There are a lot of people in smaller locations who really liked the area, who found they had around an extra $200,000 in equity and had more to work with.
“We’ve also got a lot of people moving interstate to live, not just to invest – we don’t think we’ve seen that much in the last three to four years, so that’s been really good.”
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