G'day all..
3 IP's in Tassie and now looking to purchase a unit in Darwin… Looking at purcasing in either rapid creek, nightcliff, parap or coconut grove. What do people think about these suburbs? Are the capital gains there to warrant spending $350,000+ for a 2 bedroom unit? Any help would be appreciated…cheers
tugger
I think that there is heaps of potential capital growth in Darwin, especially given the Inpex announcement. I recently posted on this topic. You would find that post if you did a search under my name.
I would however advise caution. There has been a sudden steep rise in prices since the announcement. I think that this is probably just a reflex since the announcement and is not necessarily borne out in the actual sale prices. I would do a sales history of any potential property. While property prices went gangbusters a few years ago for the last 12 – 18 months they haven't done much at all. There are some really nice units in the suburbs you mention as well as some very crusty units. If you are looking at a $350,000+ unit I would hope that that is relatively new. If it is an older unit then you are paying WAY too much.
I would also recommend actually going to Darwin to have a look around. A really nice unit can be right next to a horrible housing trust complex. You won't know that kind of information unless you see it for yourself.
I spent a couple of years up there and am reasonably familiar with the market. I also know a lot of the REA's up there. PM me if you have anything in mind and I'll see what I can find out.
Cheers
K
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