Regional NT Property Market Update November 2020

By Herron Todd White
November 2020

Alice Springs Property Update

Prestige property sales in Alice Springs are historically few and far between and this year has been no exception. In fact, it would appear that COVID-19 has hit this segment of the market hardest. That’s not to say that values of prestige properties have dropped, it’s just that there were far fewer prestige properties changing hands in 2020. That may be due to a perception that during these unprecedented times, demand for prestige property has dropped away and owners of prestige properties have decided to hold off selling. No doubt the worldwide uncertainty brought about by the pandemic has also contributed to people being somewhat circumspect about making large commitments on properties at the upper end of the market.

Properties making it onto the market are experiencing solid demand and some very well-appointed properties have changed hands, most in the rural lifestyle areas surrounding Alice Springs. In recent months we have also experienced a high number of prestige properties trickling back on to the market as COVID-19 restrictions are wound back.

A recent example is the sale of a property at Connellan, south of Alice Springs, in June 2020 for $920,000. The 2.65-hectare property includes an executive style, part two-storey, recently renovated main dwelling with a living area of 220 square metres, featuring a number of private outdoor areas and an inground swimming pool. The property also features a detached one-bedroom, one-bathroom studio or guest house. The property offers plenty of room to move and the new owner has taken advantage of the space by installing a cricket training net, complete with astro turf and a bowling machine!

Earlier this year saw the sale of two units making up a duplex in the sought after Mount Johns location, nestled under the MacDonnell Ranges. These 2016 constructed executive style units both comprise three bedrooms and two bathrooms and sold for $642,000 and $585,000 respectively, both reflecting over $4000 per square metre of living area.

Realestate.com.au currently has a total of five residential properties listed for sale at over $1 million, two of which are rural lifestyle properties located out of town (the remaining three are all located within the Desert Springs/golf course area). The property with the highest listing price is a rural lifestyle property on just over nine hectares that can be yours for just a touch over $2.5 million. The property has been on the market for just over six months and an extended selling period is expected for a property in this price bracket as there are very few people locally who have sufficiently deep pockets.

Peter Nichols
Certified Practising Valuer
Alice Springs and Central Australia