Hi all anyone been looking into buying into the Darwin market lately I am currently working up here for the next six week from Perth.Please let m know your thoughts.
Regards
[cap]lapua
What have the locals been saying about the market in Darwin? Have you asked any real estate agents for their opinion? I’ve been wondering if the slower growth rate means a longer period of growth or just that the market has reached maximum capacity. Just interested too.
Ann [whistle]
I am a Darinian although not presently living in Darwin. My family are in building and I have friends in development, real estate and analysis in government in Darwin. The running joke in building and real estate circles in darwin at the moment is how a ” Sydney investor bought 3 apartments over the phone!!” It seems that to flee from high prices and taxes, Sydneysiders are looking elsewhere to invest (NT, NZ, WA) and there is a legion of property developers building blocks for this market. The Top End has LAND GALORE yet 6,7 and 10 and in the future 30 storey apartment buildings are going up. With a small and slow growing population and outdoors lifestyle I wonder who in Darwin really wants to live 20 floors up!! I would stay clear of such investments. Small suburban units and houses would fare better in my opinion. Rentals in Darwin are finicky. If you are lucky you may get Defence Personnel or some relocated professional on a contract but generally there is a large transient population in Darwin that proves problematic.
As an ex Darwinian (do you ever really leave the place?)With an investment unit in Darwin,I have to agree with the reply from YSAR.The darwin market is going great guns, however sooner or later there will be a severe over supply of high end investment units.Probably better off buying house and land package in Palmeston or in outer suburbs for $250 $300k, most have good yields and plenty of willing tennants.Defence housing is not all its cracked up to be as the houses must be in absolutly mint condition and very expencise to start with.DHA can and does change the conditions whenever they feel like it, always to there advantage of course.A must have for Darwin Properties is full Aircon/ plus a spa or small pool as you can not swim at the beach, dont beleive the locals, they pull 2-300 Crocs out of Darwin Harbour every year
happy hunting
MickWhat are rental returns like in Darwin, i’m led to believe things are going great guns ATM by rellies up there..
REDWING“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorFrom what I am seeing many of the properties being constructed in Darwin are serviced apartments. This could easily leed to an oversupply. Perhaps check out the prices of houses, this may be a better long term investment
Nigel Kibel
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just revalued a property i have up there in larrakeyah, bought for 210k now worth 265k.
rents are finicky and if you dont buy in the right area you will have long vacancy periods. go for properties that the locals want to live in, not the tourists.
vacancy rates for larrakeyah are currently at zero!
cheers
shaunLead, Follow or get out of the bloody way
What are Palmerston, Gray, Gunn, Driver areas like?
Last time i was in Darwin was about 1992 and Palmerston was going great gunns..
Larrakeyah was also a good area (not where i was staying though
Darwin reminded me of a huge country town..
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorPalmerston has changed a fair bit since 1992. I have lived there since 1984. We went through the palmerslum phase which started to change after about 1995. Although alot of the old local still like to call it palmerslum.
Gunn is a delfin developed suburub, build around an escarpment. Its other name is the chase. Better quality housing in the suburub due to delfin standards, alhtough the houses are squeezed together.
Driver and Gray are one of the 4 original suburbs. Grays has a worse reputation than driver. Although there are some good areas in both. Driver and Gray are made up of alot of housing commission/ex-housing commission, although they both have there private areas.
I think personnally Driver is a better suburb than Gray. Gunn is probably better out of the three.
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