The property market in Northern Territory’s capital, Darwin, has been strong of late, despite a minor fall in property values over the last year. There have been great returns on many properties, including in the bay side suburb of East Arm, where record high prices over the last 12 months have hit $4.3 million.
In metropolitan Darwin, at the centrally located suburb of Stuart Park, running beside the George Brown Darwin Botanic Gardens, over 100 properties have been sold in the last year, where property management fees tend to be lower than the city average.
What you need to know about property management fees in Darwin
Typically a property manager will change a management fee depending on a few factors, including property density, property value and how many competing agents operate in the area. Normally, property management fees include an initial payment of 1 -4 weeks rent, followed by a continual fee of 5 – 10% of the monthly rent.
This affects rural and regional areas, such as Buffalo Creek, as agents will tend to raise their fee, whereas in the CBD and metropolitan areas, like in north eastern Winnellie, nestled between Charles Darwin National Park and the Darwin International Airport, property management fees are often lower.
What to consider when finding the right property manager for your rental
- A property manager may be more useful in areas like Darwin CBD, where an agent’s responsiveness is key to handling properties that receive a high number of rental applicants.
- Finding an average property management fee is most easily done by comparing agents directly, letting you see exactly what they may offer.
- Choosing a property manager based on price alone is a bad idea, so be sure to research what other services they provide.
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