NT Darwin - is this the start of recovery?

Yeah, high quality homes are going, once that supply is taken, it will filter to the less well kept homes.

 

I got 97% loans, Id jump in sooner rather than later. Are you thinking Northern Suburbs, Palmerston or Howard Springs semi rural?

 

You do know that if you build the government will virtually give you the deposit?

 

Ah yes good point Hammer. I had some friends do that recently and it was more around 500K-550K. The conservative in me would prefer a house for $300,000 - $350,000 not sure if that is possible throughout Darwin particularly if building a new home?

 

I am pretty open to be honest. I mean my son is at Stuart Park. Semi-rural would not be an option based upon the internet out that way. They don't have FTTP which is a must as a gaming enthusiast.
Northern Suburbs and Palmerston would be an option. Not sure if 300-350K is realistic though.

97%, assuming that needs to be done through the right broker?

 

350k is totally possible. You have to go to zuccoli though.

I don't think that zuccoli will be a terrific investment in the future. If you just want a place to live in and are happy to take the government's money then go for it. I don't think you'll lose buying at 350k but I don't think you'll be raking in the cash when things pick up either.

It is a solution to your problem though and will be cheaper than your rent!

Food for thought!

 

97%!!! @mtooler how on earth did you pull that off?

300k is totally realistic! There's a townhouse in Larrakeyah right now for under 300k. A lot of palmo is now around that price and you can sometimes find a poobox in the northern suburbs for that as well.

If you can get away with 2 beds then 200k (ish) is an option too. Just stick to a villa or townhouse...

 

Was it priced low, or a special place?

 

Hi all,
Just came across this CBD unit. Seems a huge bargain even for current market right? Am I missing something?

16/24 Harvey Street, Darwin City, NT 0800

Body corp a bit high at $1,450pq ($111.50 pw) but with rent at $370pw it’d still cover a P&I mortgage and body Corp with ir of 3%.

 

I'd be wary of that rent. How do the sums work out if the rent drops to 320?

 

At a sale price of $260k, + SD and legals of roughly $10k, totalling $270k all up:

20% deposit = $54,000
Borrow $216k at 3% P&I
30 year loan

Repayments work out to be $210pw
+ BC of $111.50 per week
= $321

If rent is $320pw, you’d be out of pocket the rates of $1,750p.a. roughly, plus maintenance and bank annual fees.

The high BC is really a killer.

 

Yup. The other problem with that one is that you'd have to compete with the 6 million other 2br units in the city.

The only thing you can really compete on is price.

You're on the right track though! Keep looking! It's bargains galore at the moment.

 

Thanks hammer, that’s a really important point right there about competing on price.

Which is why buyers should only buy these CBD units if they’re really really dirt cheap (& preferably without the bells & whistles of gym, lift, if IP)

 

What do you reckon about the newer parts of Staurt Park near Frances Bay, thinking of looking at houses in and around Ruddick Street.

 

I don’t know of anyone who made money in their. It’s a combination of HNW O/Occs and spec builders. The land is transacting for less than it was sold off the plan at. I think there are much better buys around, Bluechip all the way, Fannie Bay, Parap, Nightcliff and Rapid Creek.

 

...maybe. Just be careful re storm surge and the midgies can be bad there too.

I reckon @Longrass is probably spot on here...for the same money you could buy an elevated house on a huuuuuuge block of land in a blue chip area....

 

The April HTW report shows pretty significant increases in sales volumes in those blue chip areas which must be positive even if prices aren’t moving? Over 50% up from memory?

 

Anyone buying at the moment?

 

About to be

 

What’s stopping you doing it now?