Darwin real estate ‘boom’?

Firstly, if you plan to live in the house in the long term and not trying to use it for immediate equity then why worry about what it is worth in 12 months time? Your PPOR has to be affordable and a nice place to live for you. If the house meets that rule and you are not looking for equity in it immediately then think if it will be worth more in several years time?

I’m not sure on the actual figures but I am sure the Darwin market went through a bit of a mini-boom in the late 80s and early 90s when the military started shifting assets up north rather than sitting about in Brisbane, Sydney and Melbourne.

The recent and successful running of the Adelaide to Darwin train line also is linked to interest in investment in properties in Darwin, mostly to do with increased shipping and port access. Maybe investors are reacting to this?

The situation doesn’t look bad for Darwin in the near future so it seems to be just a matter of research. Buy on what you think is best as if you are not happy with it then its hard to ever feel ‘settled’.

Hi there,

I live up in Darwin, and there does seem to be a lot of Sold, or Under Contract signs at the moment. However, if it is interstate buyers, and we dont have a population increase shortly, and I mean a real increase, then they could get burnt as well. Its all very well to say the Railway and the increased Port usage, and Govt spending increases are going to make this place the next best thing, however no bodies equals empty houses/units.

And I would just like to say that I love Darwin and you bloody well sydneysuckers and melboubites are silly.

Regards,

Brent2

Instead of worrying on what might be, do oyur sums and work out what should be. Thats right….you investing in something somewhere not just chatting about it in a comfort zone website.

Have a go, you arent getting younger and neither are the opportunities.

DD

i bought in darwin september last year. you only need the abs stats to tell you darwin is growing quite quickly (CG 8% last quarter, 4.2% in april). that and the nt gov sights say the same thing. i own a 3 beddy unit in larrakeyah (cbd area) and yes there are a lot going up in that area, targeting the “southerners”. i bought across the street (houston st) where i targeted local couples who wanted the lifestyle. across the street the units are targeted at tourists staying for the dry season. very risky especially since there is a 7% vacancy rate for these type of apartments. and the wet season you wont get anyone to rent.
anyone buying in darwin, do your homework very very carefully. there are some dodgy areas that i just wouldnt buy in.
the railway will see an increase in employment for darwin. families will have to move there as the expertise for oil rigs etc just doesnt exist in darwin at present. the hospital in expanding, with more specialised treatments due to take place. surely the government wouldnt spend money on the hospital if it didnt think it needed to.
just my two cents worth.
cheers
shaun

Hi Shaun

Interesting post. I receive Margaret Lomas’ +CF newsletter (Lomas co-delivers seminars in +CF with Noel Whittaker). In her latest newsletter she said she personally just bought a +CF unit in Darwin CBD, plus a block of 4 units in Armidale, NSW

Shaun. I appreciate your local knowledge, your facility with the abs statistics, and your comments about Houston St Larrakeyah in particular. Two questions:
1. Can you help a newbie at demographics by posting the abs link, plus any other demographic statistics links you’d recommend?
2. Can you clear up an apparent ambiguity for me? You used the phrase “across the street” twice in the following passage, and it confused the hell out of me. On one hand you appear to be saying you’d recommend Houston St, then you appear to be saying it’s dicey. Is it just me? Your words:
“I bought across the street (houston st) where i targeted local couples who wanted the lifestyle. Across the street the units are targeted at tourists staying for the dry season. very risky especially since there is a 7% vacancy rate for these type of apartments. and the wet season you wont get anyone to rent.”

Thanks

Greg F

Hey Greg.
I like the avatar!!!!
Russ.[biggrin]

Hi Shaun

Thanks muchly, Shaun (and Hi to Russ!!). Houston Street Larrakeyah’s MUCH CLEARER to me now.

And I take your point (and mild scolding) about doing the research. My last email was my first dip into the top end RE market plus demographics/due diligence. Your websites have already accelerated my learning curve considerably, and saved me a lot of angst. If it’s not too much to ask:
1. If reliable, permanent rentals on your side of Houston St are approx $265-$270pw:
a) Is your 3BR unit brick ‘n tile, weatherboard or hardiplank? How old etc is it?
b) How much does a unit like yours cost nowadays VS what you paid for it (how much capital growth have you enjoyed? Does it pass the 11 second formula?)
c) Would you recommend buying a unit in Houston St? (and please don’t think I’m being lazy asking that cheeky question. Regardless of how you answer it, I’ll check it out independently and thoroughly. I have 16 +CF properties, and I’m reasonably suss about this game: it’s just the subtleities of accessing stuff on the web that tricks me up a bit)

2. I’m DYING to learn how to put that sexy blue stiple over my cut and pastes. Can anyone teach this struggling Forum Troglodyte???

Here’s my cut ‘n paste of Shaun’s letter (still without any sexy blue stiple):

“Sorry for the confustion. in houston st are two sides to the street (obviously) on one side (righthand side) there are alot of high rise apartments going up targeting southerners to buy, with a rental ability of around 330 per week (the RE agents wont tell you that its only possible during the dry season) on the left hand side you have units, which although not as flash (or 6 stories high) rent lower (265 – 270 per week) which the locals are more inclined to rent, ie lower vacancy rates.
as for web links here are some of them.
there are heaps, just search the web, ring RE agents in darwin, hit the open house inspections.
its not that hard. but again as you look around some of the suburbs, you will know what not to buy. ie ludmilla has an aborginal housing estate there (no offence) which when seen is very messy.. would someone rent there?
i dont mean to be short, or harsh, but do your homework. i did it with a months visit there last year, then searched the internet for all the stats i needed. that and spoke to RE agents.
good luck with the house hunting
shaun

Hi Russ

Re the sexy blue stiple wash over quotes used by Forum experts:

I clicked the “add reply” button at the bottom of the last message in the forum, assuming the new post would give me the option of a “Quote” button. But, alas, no quote button anywhere in sight as I’m typing this reply.

HOWEVER, at the top of the blank email form I’m currently typing in I spy the word “Color” in a dropdown menu, and I’ve just selected “Blue” from this menu and cut ‘n pasted your last email. So here goes…

Cheers
Greg F

Greg,
I think you use the quote tab at the bottom of the post.I aint sure tho as i,ve never tried it.But seeing as no one else would answer I thought i,d at least try.

Greg
Looks like you got it mate.Happy posting.
Russ.