A controversial forced sale, secret off-market deals and enough waterfrontage to moor a flotilla, the Territory’s most expensive home sales of 2023 have been revealed.
Data from PropTrack and CoreLogic show the 15 most expensive residential sales in the NT this year raked in more than $33m combined for their vendors, with the top three sold off market.
Coming in at number one was 98 Cullen Bay Cres, Cullen Bay, which changed hands for $3.25m.
The architecturally designed houses is on a 1750sq m waterfront block with pool and 12m marina berth.
Second was the $3.075m sale of 12 Perkins Ct, Cullen Bay.
The 942sq m waterfront property has a marina berth, four-bedroom home and in-ground pool.
Chin Property Group managing director Seth Chin, the selling agent behind the two properties, said both homes were snapped up by Territorians.
“For the buyer of 98 Cullen Bay Cres, location was paramount,” he said.
“My father, Ernie Chin, who developed Cullen Bay, said that block was one of the best in the suburb and it’s also one of the biggest.
“It has the beauty of a marina view, a harbour view and the ability to have a marina berth.”
Third on the list was 100 East Point Rd, Fannie Bay ($2.95m), followed by 7 Paspaley Pl, Cullen Bay ($2.25m) and 7 Marella St, Larrakeyah ($2.2m).
Sixth place was the $2.15m sale of 13 Cullen Bay Cres, Cullen Bay.
This property was the trophy home of Andrea Cooper, ex-managing director of New Chapters, New Beginnings, which fell into involuntary administration in November 2022.
Ms Cooper bought the property for $2.1m in mid-2020 and administrators placed it for sale in July through Mr Chin.
The three-storey prestige residence has a lift, rooftop terrace and pool with waterfall.
“This property was also bought by a local person,” Mr Chin said.
“It was bought as an investment but they plan to eventually live there.”
Seventh place was the 2.15m sale of 17 Hickey Ct, Cullen Bay, while eighth was the only CBD property on the list, 3/78 Esplanade, which sold for $2.06m.
The property, in an exclusive complex, was built by prominent British developer Lord Alistair McAlpine and designed by Oldham Boas Ednie-Brown architects in a tropical colonial style.
Andrew Harding, selling agent and Ray White Darwin principal, said the iconic home resulted in one of the largest marketing campaigns he oversaw in 2023.
“A lot of people in Darwin have dreamt of owning a property in that location,” he said.
“There’s only a few (detached homes) along the Esplanade, so it’s a very rare opportunity.”
The ninth most expensive home sale of 2023 was 120 Pheasant Drive, McMinns Lagoon ($2m) and 10th spot was 4 Castlemaine Cl, Bayview ($1.95m)
Rounding out the top 15 were three more Fannie Bay residences, a Stuart Park home and an acreage property in Marlow Lagoon.
Mr Chin said it was no surprise Cullen Bay featured so heavily on the list.
“Cullen Bay is Darwin’s premier suburb and people want to buy in the best suburb,” he said.
“In suburbs like Fannie Bay, Parap and Nightcliff, blocks are being subdivided and townhouses created, but in Cullen Bay there is a finite supply of land, which makes it exclusive.”
Mr Chin said Darwin’s prestige market had remained buoyant in 2023.
“At the end of 2022 everyone was really worried interest rates would affect the market across the board,” he said.
“There were a lot of reservations from high end buyers and sellers
“However, what we’ve seen in the past year is a big impact mainly on properties priced from $500,000 to $1m.
“This is the demographic hit most by rate rises.
“Meanwhile, the higher end of the established property market has gone through an almost boom due to rising construction costs.
“It’s often cheaper to buy an existing home and refurbish it than buy a block and build new.
“When looking at the (top sales of 2023) a large portion would be at or below replacements cost.”
Mr Harding said there had been a huge demand for well-presented prestige homes in Darwin this year.
“There are always buyers looking for those turnkey properties,” he said.
“As soon a property of that calibre launches to the market there is good enquiry and they always transact.
“The high end is a competitive space, so presentation and making property as turnkey as possible is vital.”
NT’S TOP HOME SALES OF 2023
1. 98 Cullen Bay Cres, Cullen Bay – $3.25m – November 2023
Seth Cullen of Chin Property Group
2. 12 Perkins Ct, Cullen Bay – $3.075m – June 2023
Seth Chin of Chin Property Group
3. 100 East Point Rd, Fannie Bay – $2.95m – January 2023
Chris Hyland of Colliers International
4. 7 Paspaley Pl, Cullen Bay – $2.25m – October 2023
Nick Scaturchio of Pacific Property Darwin
5. 7 Marella St, Larrakeyah – $2.2m – March 2023
Darren Hunt of Now of Real Estate Central
6. 13 Cullen Bay Cres, Cullen Bay – $2.15m – October 2023
Seth Chin of Chin Property Group
7. 17 Hickey Ct, Cullen Bay – $2.15m – November 2023
Jeremy O’Donoghue of First National Real Estate O’Donoghues
8. 3/78 Esplanade, Darwin City – $2.06m – February 2023
Andrew Harding of Ray White Darwin
9. 120 Pheasant Drive, McMinns Lagoon – $2m – February 2023
Adam Hayes of Call2View Real Estate
10. 4 Castlemaine Cl, Bayview – $1.95m – November 2023
Michael Van De Graaf of Real Estate Central
11. 9 Macartney St, Fannie Bay – $1.9m – March 2023
Andrew Harding of Ray White Darwin
12. 11 Allen St, Fannie Bay – $1.9m – March 2023
Jeremey O’Donoghue of First National Real Estate O’Donoghues
13. 8 Green St, Fannie Bay – $1.865m – May 2023
Andrew Harding of Ray White Darwin
14. 39 Ruddick Cct, Stuart Park – $1.85m – October 2023
Andrew Harding of Ray White Darwin
15. 11 Greenhide Road, Marlow Lagoon – $1.82m – November 2023
Daniel Harris and Darren Hunt of Real Estate Central Projects
