NT Darwin 2019

I figured with Inpex construction over, the RE crash having settled and some kind of normality being reached...Darwin is now at least worthy of a new thread.

It's a new world up here! Bring on 2019!

 

Had a little reality check today. I was inspecting a place and the agent said that 1 in 3 properties for sale in Darwin at the moment are foreclosures.

One in three.

 

Wow. I wonder if that’s heavily swayed by CBD units which had lots of investors during the boom.

I’ve not heard much in the foreclosure space - mostly looking at low end northern suburbs houses and kid range inner suburbs townhouses.

 

The agent I was talking to reckons that it's across the board. 30 percent foreclosures, 30 percent divorce, 20 percent trustee.

Only 20 percent were people who actually wanted to sell.

I don't have hard stats to back this up, but it is in line with what I have been observing on the ground.

 

I’d love to see that kind of break down on buyers - I only know of locals looking for PPoR - first or upgrade.

 

I think that's about it as far as buyers go....

 

Making it 100% a place I'd want to stay clear of for IPs

 

Yup, rough going up here right now for investment.

However if you're a local and want a place to live in.... it's more like this...

 

Yeah I'm quite envious of WA and NT ppl looking for a great ppor...very spoilt atm

 

Media release.
Fingers crossed.

 

I’m trying hard at the moment. Fingers crossed. Have made a couple of offers in the last week but no cigar yet

 

According to Corelogic's indexes house and unit prices are still falling. In November 2018 there was a little spike up but then the down trend resumed.

When the Chief Minister declared the NT was broke, a little part of me said fantastic. This fits with two theories: 1) the worst of the bad news comes out near the bottom of the market/trend/economy/etc. and 2) government is always "late to the party" or in other words they always fail to pick market/trend/economy tops or bottoms e.g. they invest when a market/trend/economy etc. is peaking and it then corrects or crashes, they admit a situation is dire just before or just after a market/economy/trend/etc. bottoms.

 

How much will the new government first home buyer scheme affect the market?

 

I'd be keen to read the thoughts of seasoned investors on this too.

It might increase first home buyers (non investors) in new estates like Zuccoli. With the 50 odd grand they could build a budget 3 bed sh1tter on a tiny block for just over 300 grand.

Personally I don't think it'll affect the more popular suburbs closer to darwin city. Many of which have already taken a large haircut.

 

I agree.

 

We have picked up half a dozen sales as a result on the build bonus and FHOG, over 100 applicants for finance in the first week of the announcement.

From here, who knows.

The first home owner segment seems to be the only real sector that is moving. That being said, the beachside suburbs are having massive numbers through open homes. We are now actively searching for property in rapid creek and nightcliff to flip.

The bottom has passed and we are now in a strong buy period.

 

Currently renting in darwin in subsidised work housing, even with a good opportunity to get into a PPOR here, I just cant see myself wanting to permanently live here in this ********.
There is nothing to do here, unless your into camping and fishing.

 

Off u go then

 

There's heaps to do here! Go out and find your people. Its small but still a city...

 

Totally agree with Hammer, heaps to do here.We don't camp or fish! Look at activities you may not have done before.
PP