Police confirmed at 11.05am, that the man who later died was aged 62.
"Despite efforts to provide him with medical assistance, he died at the scene," police said.
After a search, a 39-year-old man was located and has since been charged with murder.
"Police have been making enquiries overnight to locate the alleged offender and he was spotted by an off-duty Police officer this morning who called 111," Detective Inspector Kevin McNaughton said.
"Police quickly arrived and located the 39-year-old man.
"The alleged offender and victim were believed to have been known to each other."
A scene examination is taking place at the property.
A witness at the scene last night told the Herald a woman could be seen crouching near a power transformer looking "downhearted".
The Police Eagle helicopter hovered overhead and a police dog unit was also brought in, he said.
"Two people were removed from the scene by detectives shortly after 10pm - neither were in handcuffs," he said.
Officers were also seen taking away a dog from the property.
They kept to themselves
Several residents whose homes were within a cordon put up by police had to wait for some time before being allowed back into their properties, the witness said.
A neighbour said the family generally kept to themselves.
"They have been working on their house lately - on trees and stuff," they said.