Challenging time for market in Alice Spring: HTW

Recent market conditions in Alice Springs have provided challenging times, however there are some areas are showing some bright glimpses, according to Herron Todd White’s (HTW) latest monthly market report.

The property advisory firm says that they have observed good activity within the main town and rural area.

"We have seen good activity in the $650,000 to $750,000 price range both from within the main town boundaries and from the rural residential area," the HTW report said.

One example would be a four bedroom home at 10 Irlpme Court (pictured above) that was recently sold for $700,000.

This market segment in Alice Springs is not generally impacted by first home buyer considerations with most buyers being subsequent home purchasers.

A buyer in this price range will be able to secure a property in the golf course suburb of Desert Springs, typically with three bedroom and a study or a four bedroom home.

The standard of renovation will vary, however typically included on a 1,000 square metre allotment (approximately) will be an in ground pool, double garage and verandah.

"Conversely we have seen some price points really struggling in recent times," the report said. "The strata titled unit market has seen both reducing values and historically low transaction numbers."

Historically this segment has been ideal for first home buyers, however the NT government removed the first home buyers grant for existing dwellings in December 2014 which had a significant detrimental impact on the segment.

The recent NT election has seen the Labour government provide stamp duty concessions of up to $24,000 for first home buyers, with some early signs of stimulus in this segment already evident.