An ABC article today... Darwin real estate in freefall, owners remove listings The prices have dropped here a lot but the article is a tad misleading. The people they interviewed have had severely overpriced properties and are wondering why they are not selling..... The drop though is real, actually I suspect it's more like 10 percent. Take care out there folks!
We had planned to sell our unit in darwin this year and were prepared to take a hit as we had sold in Sydney but i believe the market is against the vendor ( and the landlord ) to the point that to liquidate the asset and crystallise the loss would be unacceptable and i am digging in and have to accept the dead money for medium term . In the longer term Darwin has a lot going for it but for the moment the liferaft has sailed. Only my opinion but with skin in the game Tim
what would be the factors that would push the Darwin market back up? i have never been to Darwin so I have no idea what is going in there at the moment. good time to buy in a few months you reckon?
NO! Unless you're buying a place to live in - forget it. At least for another couple of years. There's lots of factors that will slowly push things back up - but after the mining boom and the departure of the huge inpex project...it will take a long while for the oversupply to be soaked up. If you're on the ground here and absolutely ruthless you might..and I mean might do OK, but there are far less risky places around the country to choose from at the moment.
I was surprised to see Darwins vacancy rates somewhat dropping of late unless dec 15 was an outlier @petewargent
Me too! It might be the city is quickly adjusting to the new norm post mining boom? The tricky thing is that the Inpex gas project currently employs about 4000+ people at the moment (construction phase). It's due to wrap up in about a year and go down to a workforce of 500 or so. A lot of the employees live in dedicated camps, but there are also 1000 or so properties within Darwin that are rented by Inpex workers. With that amount of jobs on the line, it's still a bit hard to say the coast is clear.
Hahaa just be glad you don't own a property in zuccoli oh dear I think there are still a few good buys you can pick up some great deals!! But I totally agree with hammer still a bit to drop and with inpex moving to maintenance phase will be interesting. In saying that can't go wrong in Nightcliff or Fannie bay if you get a good deal but plenty of places that are much better to put your money in! Glad I never bought in palmy in last 5 years my mates hour had dropped over 80k since they bought it 2 years ago
