The Northern Territory, with natural wonders, Kakadu National Park and Uluru, has seen fantastic growth in the property market over the last 12 months, following in the footsteps of powerhouses New South Wales and Victoria, with the median house and unit prices reaching $530 thousand and $445 thousand respectively. In the cosmopolitan metropolis, Darwin, annual house prices have fallen in contrast to the state’s trend, though units have remained steady. The very centre of Australia, Alice Springs, just east of the Macdonnell Ranges, has seen many suburbs show fabulous growth as well, indicating a possibility for property management fees to drop in response.
Normally, property management fees will be around 1 – 4 weeks rent as an initial fee, with a continuing charge of between 5 – 10% of the monthly rent, thereafter. In more regional and rural areas though, like Numbulwar, which straddles the Gulf of Carpentaria, property management fees are often higher, as lower property prices and fewer competing agents in the area cause fees to rise. In metropolitan cities, the reverse is true, with property management fees dropping in comparison.
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