The Northern Territory has always been a hugely popular tourist destination, with national wonders like Ayers Rock and Kakadu National Park. This last 12 month period has also shown the state to be a wonder in the property market, where house and unit prices have grown by 8.4% and 9% respectively. Bay side Darwin is performing strongly, with a growth of over 5% on unit prices over the year, suggesting that real estate agent commission may drop to follow the rising property prices. Inland, to the central northern town of Mataranka, the highest price paid in the last 12 months has been an impressive $375, 000.
There are no government regulations on the real estate agent fees set by agents, so the free market is the driving factor on price. Lower real estate fees are likely in the metropolitan area of Darwin, where property values are higher and agents are more competitive. East Arnhem, at the northern coast, however, follows trends that suggest higher real estate fees, as real estate agents are in greater demand and property prices are comparatively low.
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