NT Darwin 2019

I also see movement in the FHOG segment (long term residents who see this as opportunity to buy) - but I'm not convinced we are at/past the bottom. Population declining, economy not growing, high vacancies in some segments..... not sure. Glad to see your optimism though

 

I have recently left Darwin after a couple of years and I echo martini's comments. The economy not growing and the population declining is a vicious cycle that I cannot see Darwin escapaing from any time in the near future.
I was living on Mitchell Street and the entire city is emptying led by the some of the bigger name businesses along there.
Darwin is the type of place you move to if your job requires it, and you leave as soon as that requirement has gone. I consider Darwin a capital city in name only, it is for all intents and purposes another Karratha or Port Hedland etc.
There is enough to do to fill in your spare time while working, but for most of us the reality of small size, harsh climate, and remoteness etc means that few that move there consider it 'home'.
Would be great to Darwins fortunes turn but I really cannot see what the catalyst for that would be.

 

I don't think it's as bad as that, although it sure does feel like it right at the moment.

Here is my (somewhat positive) reasoning.
- The population has dropped following the end of the INPEX build, but it should have dropped more.
8000 people were working on Inpex at its height yet the stats are showing a drop in population of a few hundred. Now there's going to be some lag and stats can have er.."margins of error" but even if the population drops by 1000, (or 2000 even) then the end result still means that outside of Inpex Darwin actually grew.

- The CBD is indeed a ghost town but this isn't just a Darwin thing. Go to any regional centre (Towsville, Cairns, Rocky) and you'll see similar problems. Also worth mentioning that the new Paspaley building sucked up most of the Government tenancies around town, leaving many vacant offices...and the fallout that follows. What I'm trying to get at is the CBD problem is more than just economic. There's a major shift in how things are done in the information age and old, small CBDs are yet to find their place.

- There are new businesses being opened that are thriving. Boutique breweries, restaurants, media...Now, a lot of the old stuff is struggling or closing, no doubt about that but its also fair to point out that a lot of them were overcharging and dependent on government contracts or mining money. Local computer shops charging $2500 for a $1200 desktop, coffee shops selling $6 coffee, car services that cost $500 that should cost $300.... Now, this is certainly not true for all businesses. Some really good ones have gone as well which is sad - but there was a lot of fat hanging around that has been deservedly trimmed.

- Lastly in terms of future population growth....It's worth pondering on the fact that with no air con and a very big cyclone the city still got to 100 000 people. It was hot back then too and even more isolated. People are still moving here right now...It's just that its going to take a while to fill the vacuum that inpex left.

- The fourth and probably most important thing about Darwin though is its location. It literally is the only city for thousands of kilometers. If you want to do anything in Northern Australia that's outside of QLD....Darwin is kinda it. There's also the strategic defence/spying position that's here as well....i.e Canberra can not afford to let Darwin fade away.

So in summary...short term, you're probably right. It's rough going up here for the next few years at least. As @Sackie mentioned...no good for investing just yet. But medium to long term, things should improve.

That's my educated guess at least...

Peace!

 

There actually is'nt, all the national parks for example litchfield and berry springs get boring pretty quick after youve seen them a dozen times.
An average at best Casuarina shopping centre with a poor variety of clothes shops.
A lack of good restaurants ( beside the main ones pee wees, char...). An old run down casino with no hope of improvement.
Ive been in Darwin now close to 2years and have to say this is the worst place I have ever lived.
If it wasnt for all my work benefits for being up here I wouldve left after 6 months.
Not enough is being done to clean the crime happening on the streets especially in the CBD.
You've got to be crazy to want to purchase a PPOR here.

 

theres about as much to do in darwin as anywhere else in australia

its what you make of it

 

Incorrect.
I told my parents, too not waste their money in coming here to visit.
I told them to visit me when I move to Cairns for 12months, unfortunately I will be back.

 

?
cairns?
whats better about cairns?

 

Why bother arguing? The NT is polarising, I loved Alice & Darwin the 5 years I spent there however I knew plenty who hated it, some got on a flight back home days after arriving.

 

Yup. This. It's certainly not for everyone. No point arguing @strongy1986 . All we can do is sit back and watch...from a place with no traffic, great lifestyle, good food, multicultural events, a fantastic airport, great job prospects and now, cheap property.

Its tough, but someone has to do it.

 

Here's some light humour for your Tuesday...

Well-presented Darwin apartments achieving prices 15% above previous sales - Raine & Horne DARWIN Blog

 

Investigation reveals nine multi-storey Darwin buildings are non-compliant

 

Oh no....that'll be a nightmare for the body corps.

 

Here’s a classic Darwin for you, spoke to one of the builders of one of the unit blocks, he said the first he heard of it was when it popped up one his ABC news app while he was having lunch. He rang the building board and they said they hadn’t but heard of it either....

 

Prices are ok in northern suburbs like Leanyer. Bought a 5/2/2 for $620,000 late last year. Neighbour's house is 3/1/1 will likely get $520,000 according to the agent whom I am on pretty good terms with. A 4/2/2 Fannie Bay house on the market for way overs at $1,050,000 sold for $920,000, we offered $850,000 on it. Still solid prices in the right locations. I wouldn't touch Palmerston area with a 50 foot pole though. I'm loving my 25min commute to Fred's Pass for work hammering along in my Mustang. Can't get that lifestyle in big cities. Actually quite like it up here, more than I thought I would.

 

And so it begins!.... Next thing you know, you'll have a Laksa addiction, a fine collection of fishing lures and a Musta....see, see it's happening!

 

Just returned from a trip to Darwin 2 days ago, was my first time being in the top end (holiday purposes).
Having now visited, I would never buy and IP there. Sorry to anyone whos from there, its a great place to visit but honestly I couldn't wait to go back home, a lot of social issues (the main strip is full of drunks from around 5pm onwards..., police are at every bottle shop and shopping centre) and the weather was unbearable for somebody not used to the humidity.

Just my opinion from a very brief visit, I am sure there are people who know the market and are killing it up there.

 

The people killing it in Darwin sold 5 years ago. Darwin is a huge risk, the economy is tanking, people are leaving & there is nothing on the horizon.

I am, good friends with the owner of Hanuman restaurant on the main strip, it’s getting broken into almost weekly.

 

Wow I feel sorry for business owners up here.