Rare Cullen Bay waterfront block sells to interstate buyers for close to $1.5m, as interstate interest in Darwin continues to grow

A WATERFRONT block in one of Darwin’s most desirable suburbs has sold to interstate buyers for almost $1.5m, in the latest sign of growing interstate confidence in the Darwin real estate market. Ray White Darwin real estate agent Karl Secondis sold 48 Cullen Bay Crescent, Larrakeyah – a 932 sqm vacant block that’s one of the last remaining on Cullen Bay Marina – to a pair of NSW buyers for $1.45m early this month. He sold the same block of land for the same price to its previous owner – a Darwin local – back in 2012, during the Inpex-fuelled economic boom. Mr Secondis said the new buyers, who used to live in Darwin, planned to build a house on the block for them to stay in on occasion. Home sells for more than $1.1m in popular suburb in ‘red hot’ market Darwin house prices tipped to skyrocket by almost 20 per cent in next two years Revealed: Iconic pub set for major revamp after closing last year “They’re not necessarily moving here, but they feel very comfortable in investing and owning a property in Cullen Bay,” he said. “They have indicated they would like to build a home and use it at certain times of the year for themselves.” Mr Secondis said interstate buyer interest in Darwin was on the rise for both prospective investors and owner occupiers. “We are starting to see a return of interstate investors,” he said. “If you look at what’s taking place in Sydney and Melbourne, it’s extremely difficult to get the yields we’re getting in Darwin. So now we’re seeing rents start to climb, eyes are starting to come back on Darwin.” HOT NEW DEAL: Read everything for 28 days for just $1 “And I’ve only been back in Darwin for 12 months, but we are seeing people such as medical professionals that are relocating here from Melbourne and looking at wanting to purchase instead of rent.” “We don’t have any history of lockdowns, we’re not on edge, so we’re operating in something very similar to a pre-COVID environment for the most part in Darwin … (and) you can see why that would be appealing.”