NT Darwin and Palmerston regions advice

Discussion in 'Where to Buy' started by mtooler, 13th Aug, 2018.

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  1. mtooler

    mtooler Well-Known Member

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    Hi all,

    Stumbled across the site, been reading through threads and posted on one where I currently reside.

    We're relocating to Darwin for work (ironic seeing everyone else is bailing) and looking to buy. Struggling to get a straight answer out of anyone as to the current market (seems on a downward trajectory despite real estate agents spruiking it as bargain buying time).

    Have 5 school age children. Work is in Coolalinga area.

    Hearing Durack is an ok suburb. Are there any cheaper suburbs people know of that are child friendly? Bit surprised by the prices in Darwin and Palmerston regions, is it fair to say that prices will continue to decline there till end of 2019?

    Thank you for any insights you may be able to offer.
     
  2. Rentvester

    Rentvester Well-Known Member

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    Do you plan to move there permanently?
    I reckon move there to rent for 6 months and check it out, and if you are really keen to move there, then start looking for nice areas then, Darwin's prices isnt going anywhere soon.
     
  3. hammer

    hammer Well-Known Member

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    Yup. This. You have got all the time in the world! Just chill. The straight answer re the markwt is that INPEX (huge gas plant) is still slowly winding down construction. Don't buy untill that is completely gone. ( at least another 6 months). I suspect certain stock in Darwin proper is at the bottom....but Palmerston still has a ways to go...wait.

    Darwin can be a bit divisive. Some people LOVE it...others hate it. I'd work out which camp you guys fall into first before taking the plunge.

    Durack and Gunn is where I'd start looking for a rental. Avoid the rest of Palmerston if you can. Also try and find something designed for the conditions...big open windows...a 700m2 block.. garden... tiles...etc. will save you a fortune in power.

    A lot of the newer stuff in Palmerston are shiny new eskies on postage stamp blocks. Avoid these at all costs.

    The good news is that despite all the doom and gloom theres still heaps of work up here. It really is the land of oppourtunity.

    Welcome to da hood!
     
  4. mtooler

    mtooler Well-Known Member

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    Hi,
    Yes permanently is the plan. Rents seem quite high.
     
  5. hammer

    hammer Well-Known Member

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    They're dreaming! The vacancy rates are high....there is lots of room to "negotiate.." You've arrived just as INPEX is moving 2000 workers out.

    Some of the landlord's still have their heads in the sand. Find one that doesn't. :)
     
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  6. mtooler

    mtooler Well-Known Member

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    Cheers, position starts in January 2019 so seems a good time to find a rental then.
     
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  7. Rentvester

    Rentvester Well-Known Member

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    Plenty of time to rent and be picky in Darwin :D
     
  8. mtooler

    mtooler Well-Known Member

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    Yeah, spoke with a real estate agent today and they advised me to rent for 6 months at least before buying anything in Darwin which places me at June 2019.
     
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  9. mtooler

    mtooler Well-Known Member

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    Reading this: Proposed tax changes may cause Sydney and Melbourne prices to slide and thinking if Labor does win and bring in negative gearing changes, Darwin could be hit, as investors chase the high rental yields up there.

    Is this fairly logical reasoning that Darwin's prices could fall if Labor get in and pass their legislation through? There's a few dominoes to fall first though.
     
  10. hammer

    hammer Well-Known Member

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    Maaaaybe? I suspect that's a bit of a long shot. If everyone starts buying, the yield will go down very quickly and that will be the end of that.

    There's a lot of headwinds too with the royal commission, economic slump etc etc.

    Basically it's all impossible to predict.

    The real benefit for you, regardless of which way the market goes will be that buying will be cheaper than renting.

    I'd still do the renting thing for six months first though. You really need to know the lie of the land before jumping in.
     
  11. MB18

    MB18 Well-Known Member

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    I would certainty not be in a hurry to buy. I have been in Darwin for 18 months now and it has been very noticeable the collapse in rents, property values, and the general deterioration of the local economy.
    Admittedly these are merely casual observations and of the Darwin city area, however I cannot see a catalyst on the horizon to materially turn things around in the near future. Businesses are still closing, people are still leaving, even the bars seem much quieter than than just 12 months ago.
    If you are working near Coolalinga maybe also have a look at Humpty Doo and Howard Springs rural areas if your not committed to suburbia.
    In any case I would suggest that if renting you at least make sure you have modern aircon and ceiling fans. The electricity is only billed quarterly and may need budgeting for. For 2 of us in an apartment we pay $400pq, friends in a house (family of four) are paying $1000pq. If you can find/afford a place with a swimming pool do it.
     
  12. radson

    radson Well-Known Member

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    yeah read @petewargent 's blog about darwin. That population exodus is still happening
     
  13. petewargent

    petewargent Buyer's Agent

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    the stats do lag quite a bit - it was really obvious that Brisbane was getting busier this year, only now are the figures starting to record interstate migration (all guesstimates anyway).
     
  14. JessicaJ

    JessicaJ New Member

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    I would also recommend Howard Springs area if you working out at Coolalinga. As you have kids, the blocks are generally bigger out at Howard Springs (starts to become semi rural) and there is a local skate park etc.
    I have lived in Wanguri, Wagaman and Zuccoli so I am familiar with Darwin - happy to answer any questions where I can.
    Zuccoli is still new and has lots of amenities. There is some discussion in other chats about Zuccoli being low soci. groups but I don't necessarily agree with that.
    However, I would recommend staying away from Moulden.
    I agree that if you choose to rent before you buy definitely negotiate the price. I did this myself when renting in Wagaman.
    All the best!
     
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