How Much Should You Spend on Buying Property in Darwin?
If you’re looking at houses or units for sale in and around Darwin, you’re certainly not alone, with both first-time homebuyers and seasoned real estate investors interested in the flourishing NT housing market. Darwin is an attractive place to buy because of the value for money. The median price of a unit is $400,000, while a house is $592,500. This is much lower than other capital cities, and coupled with the laidback lifestyle, it’s easy to see why Darwin is a hot market.
You may be wondering how much you should spend when a buying property in Darwin, and the truth is, it all comes down to your personal goals and current financials. Let’s go over a few key factors in budgeting for a real estate investment.
Consider the Type of Property
While the costs of property for sale Darwin vary based on proximity to the CBD, size, and amenities, $500,000 to $600,000 is generally a popular price range. You should be able to find nice single-family homes in Darwin within this range. For a unit, the average range is even less, around $350,000 to $450,000. Keep these benchmarks in mind when considering the type of property you want to buy and how much you want to spend.
Forever Home vs. Investment
When budgeting for buying property in Darwin, your future plans should play a crucial role in how much you pay. You may be looking at houses for sale Darwin with the hopes of living there long-term, or you may prefer an investment property to boost your real estate portfolio. Either way, the house cost should make sense for your goals and plans.
Think of it this way, if you want to get a great return on investment for a rental property, look to stay around $400,000, as the average weekly unit rent of $421 should cover your mortgage. If you are buying your forever family home, you may want to spend a bit more and stretch your budget to secure the perfect property for sale Darwin.
Explore Houses for Sale Darwin
Whatever your budget may be, the trusted team at Elaine Mills Property Management can help you find a suitable property for sale Darwin. Please get in touch with our real estate professionals today to discuss buying property in Darwin.
