NT Darwin... Is now the time?

Discussion in 'Where to Buy' started by Longrass, 29th Jun, 2018.

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  1. Longrass

    Longrass Well-Known Member

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    The majority of those workers live in the hotels in town, the camp at Howard Springs and the village next to the detention centre. Only 18% of the staff at inpex are residents, or so to speak, i.e. living in suburbia or locals. The real figure is probably lower as plenty of guys would have just changed their drivers license and electoral role listing to claim they are locals.

    There hasn't been the decimating effect that was spoken of when the last 3 or 4000 left town, so I can't see what another 2000 can do.

    What happens then when inpex and conoco announce the next trains and 2500 blokes rock up for 2 years work?
     
  2. hammer

    hammer Well-Known Member

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    Ah you'll be fine! Lots of them have already departed....There were 8000 here at one stage. Only 2000 left now and dwindling rapidly.

    You'll be spoilt for choice.
     
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  3. mtooler

    mtooler Well-Known Member

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    "Next trains" as in new railways to be built?
     
  4. Darwin55

    Darwin55 Well-Known Member

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    Hopefully ConocoPhillips do commit to another train etc. would be great.

    I still can’t see any reason why Darwin prices won’t continue to drop.
     
  5. mtooler

    mtooler Well-Known Member

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    Had a quick look tonight about 1300 rentals available but only about 200 are 4 or more bedrooms. Seems like a massive number of vacant units etc.
     
  6. Ajax

    Ajax Well-Known Member

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    Here's an example of a cheap property. It would rent for $360-$380/week

    6 Fitzroy Court, Gunn, NT 0832

    It's in Gunn (Palemerston). It's a Balmain cottage..basic three bedroom probably built around 1998 on 312m2. It's very similar to a property I bought in Gunn in 2005 for 250k.
    This one is asking 300k!!! That's a miserable 16.6% return over 13 years....
     
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  7. mtooler

    mtooler Well-Known Member

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    Noticed last weeks clearance rate in Darwin was 7%, not sure how today went. We're eyeing off one PPOR but happy to rent, cant see a big rebound occuring anytime soon from my reading daily of as much info on it as I can.
     
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  8. hammer

    hammer Well-Known Member

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    Clearance rate is a joke up here. Sample size is just too small to use it as a reliable stat. PM me and I'll send you my local stats for Darwin. Still not perfect but better than most.

    There is a clear trend though.. basically Palmerston and the CBD are bad, Northern subhurbs are good.

    There are exceptions to this (that 300k Gunn property is a cracker!) But for a PPOR, your safest bet is an elevated house in the Northern subhurbs. These will be cool, give you lots of land and house your big family.

    Peace!
     
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  9. Ajax

    Ajax Well-Known Member

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    Hi Hammer,
    in the details of the listing for 6 Fitzroy Court Gunn it says "INCREDIBLE VALUE.

    This Price was set by an independent valuer for accuracy and peace of mind to both buyer and seller." Is that code for mortgagee in possession and 300k is owing?
     
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  10. hammer

    hammer Well-Known Member

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    Who knows? That place would have been 500k not that long ago. With a drop like that you've got to ask yourself why on earth would someone sell now?
     
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  11. Darwin55

    Darwin55 Well-Known Member

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    That is a bargain. Nice area too.

    I’m considering buying a ppor in either Parap, Fannie Bay, Ludmilla.

    Still very expensive at the moment though
     
  12. mtooler

    mtooler Well-Known Member

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    Yeah we're kicking around ideas too, looking at all the areas.
     
  13. hammer

    hammer Well-Known Member

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    I think that 0820 always will be. It's where everyone wants to live. It also gives your kids access to the best schools (Parap, Darwin high etc).

    Supply/demand etc etc....even in this market.
     
  14. Ajax

    Ajax Well-Known Member

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  15. Ajax

    Ajax Well-Known Member

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    300k 3 bedroom cottage in Gunn (Darwin) now under offer. As is the next cheapest house at 315k

    6 Fitzroy Court, Gunn, NT 0832

    8 Buckingham Street, Gunn, NT 0832
     
  16. hammer

    hammer Well-Known Member

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  17. Ajax

    Ajax Well-Known Member

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    Last edited: 6th Nov, 2018
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  18. Dan Dizon

    Dan Dizon Member

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    Over the long-term it's hard to justify investing in Darwin, when there's an abundance of other opportunity across our major capital cities, namely, Brisbane as well as the broader South East Queensland market. Like for like, the demand for property just isn't there compared to the eastern seaboard. However, with Melbourne and Sydney largely subdued now and with media sentiment on these cities being as negative as I seen it in a long-time, more and more investors and interstate movers are looking north. On top of this, with interstate migration trending at some of the highest levels seen to date, and with jobs growth surging off the back of multibillion dollar infrastructure projects like Queen's Wharf Casino, I think the smarter play is definitely in Brisbane - especially in the short to medium term. These views are similar to that of major research houses like CoreLogic and JLL.
     
  19. Ajax

    Ajax Well-Known Member

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  20. hammer

    hammer Well-Known Member

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    Oh god....not again!