I’m new at this forum business, so hi everyone!
My question is does anyone have any experience with property in Darwin or other Northern Territory areas? I have 2 IP’s up there and wondered if others do/Chris
Hi,
Sorry, I don’t have anything there, but it has recently crossed my mind. Would you recommend it, based on your experience?
Kerry
Hi Kerry
The property prices in Darwin have increased substantially over the past 6 months as investors from Sydney and Melbourne have been buying there.
However there are still good deals to be found.
Be careful though; there are some areas that are better to avoid.
Hope this helps.
ChrisHi there,
Live in Darwin, have since 94. Darwin property prices grew by 3.4% in the last 12 months, the lowest in the country. Gross rental yields are roughly 8-9%. The newspaper up here was trumpeting massive growth, and on the same page removalists ( Carter Bros. I believe ) were saying that they couldnt keep up with the demand for people leaving Darwin for good. I believe they said ” Best ever times that they had seen ” or words to that effect. So if that means that Sydney and Melbourne investors are pouring money in up here, then they better pour some people in up here too, as there is now, and in the future going to be a lot of untenanted property in this town. I have a unit up here, ( no mortgage, thank god ) that is currently untenanted, and I dont expect to get anyone before at least March, and it is a fairly nice unit.
Yes we are getting some more troops, which may help but that may not help you now if you buy a negatively geared unit.
Good luck to you, and Happy New Year.
Brent1
Brent1,
Thanks for info. A good time to buy????
Spider
Hi
There is a lot of views about the market.
The Government here believe Darwin is going to be the next Hong Kong or Singapore ([
]) and certainly alot of Capital Expenditure has gone into getting the infrastructure underway.
I believe the Real Estate agents have got themselves into top gear listing properties around 20% higher than 6/12 months ago. I actually started keeping the NT News real Estate section since last May and can confirm this.
What they actually sell for is something I havent as yet researched.
A friend in the finance area tells me the valuations are 20 – 25% less than purchase price.
Other folk that have lived up here and take an active role in R/E suggest once this panic buying is over the prices should stabalise.(when??)
The building sector is in “escalation mode” no one can get their QS spot on.
The fact is we have had minimal capital growth here. Steves Book Page 96 points this out also.(though pre 86 data – not avail)?? Anyhow we are still waiting for the medium price double !!!
All I know is that the Government played a key role in the 80’s to stimulate private sector investment. Housing Constuction & private non government rental field. The majority of home loans were made through the NT Government initially but now the private sector plays a major role.
Theres always been this unusual trend here – when prices are low “down south” the market tends to move here. When it does move ..it really moves.
I agree with Brent1 above……..you need people??
I really dont know what is going to cause the big influx ???
Anyhow just some thoughts.Hi there,
Disaree to only a small part. ” Theres always been this unusual trend here – when prices are low “down south” the market tends to move here. When it does move ..it really moves.”
As I said slight disagree here.” The fact is we have had minimal capital growth here. Steves Book Page 96 points this out also.(though pre 86 data – not avail)?? Anyhow we are still waiting for the medium price double !!!
So I cant agree here at this point, after 18 years where the explosive capital growth is. It hasnt doubled in 18 years. Could this be here prices skyrocket, Buggered is I know. I would suggest that a growing instead of a shinking population may help.Good luck in your investments
Brent1
]) and certainly alot of Capital Expenditure has gone into getting the infrastructure underway.You must be logged in to reply to this topic. If you don't have an account, you can register here.
