NT Darwin - is this the start of recovery?

A waterfront property just sold over the asking price. First time I’ve noticed that for a while, usually it’s a vendor discount

 

Hi Darwin locals.

Can anyone recommend a good tax accountant in Darwin?

Cheers

 

More interesting data coming in...
According to SQM, the vacancy rates in Darwin have dropped. A lot. Overall vacancy rate is under 2 percent!

Something is definitely now up.

SQM Research - Property - Residential Vacancy Rates - Darwin

 

Correlates with stories I've heard from local agents.

 

i think you will find its a mix of people coming home from melb and syd due to the virus

and

people would have made the decision to head to the NT at the start of the virus

the writing was on the wall that NSW and VIC would be living under harsher restrictions months ago

pretty much everywhere i monitor outside of melb and sydney has had a significant decrease in vacancy rates

 

You might be onto something I see Townsville and even Gladstone (!!!) Have very low vacancy rates as well ..

 

So a couple of months in and the town is now pretty much chokkas. Rentals are now really hard to find and the property prices are rising rapidly.

I wonder if this will continue post COVID ? Or will we have another crash and go back to normal?

The economy is still a basket case up here... I wonder if it's all just a sugar rush?

What is your crystal ball saying?

@strongy1986 @Lacrim @Darwin55 @mtooler @Longrass @martini @Purple Patch

 

Pressure on rental prices would ordinarily pressure up house prices ...... but nothing about this time is normal. Various build bonuses making new builds popular too, not much available land left at lower end, and can’t get a tradie anywhere (booked up with vouchers, good on them).

I reckon inner and northern suburbs houses in good condition are moving fast - at the right price - but I’ve not noticed a consistent increase in sale prices.

I understand in Brisbane the housing market is doing well, but in some is driven by less listings. Not sure on how that’s going here?

How much of the future is driven by timing and success of a vaccine?

 

Has this development happened rapidly in the last 6 months or was it slowly building before it? Because Darwin's a small town, it could be transients from QLD etc looking for work and escaping COVID?

 

The chitter chatter is that it’s people coming to the relatively safe and COVID free NT. Which probs mean short term. I’ve seen quite a lot of job applications from uni sector down south too.

 

Hard to see the good times rolling on with no long term job prospects on the horizon. Gunners back for another term and without the usual GST funding, he will have very little in the kitty.
For me jobs are the key and I cannot see where they will come from
PP

 

It seems rents are rising and house prices are slightly rising too. Is it everyone seeing the NT as a safe haven?

We really need more of these planned projects to kick off before I’d get excited.

 

I agree but if you step away a bit and look at the bigger picture.....is our jobs situation any worse than the rest of the country now?

Relatively, post COVID , could we actually be in a better position than other states with our high government-backed employment?

I'm not saying that Darwin has risen from the ashes...more that the rest of the country has burned to bring them to a similar level....

Dunno if there's anything in this...just thinking out loud...

 

Well i know that the mining companies are pushing hard for employees to live locally or at the very least , the closest capital

I think its pretty big for WA

My prediction will be that it will smooth out what should of been a very rough landing for the Territory

WA has already been through the pain, cut there resi building back to nothing and the supply has been slowly eaten away as more and more projects open up (not boom time project money but still pretty solid)

so i think WA will be the biggest winner with people moving for a 'safe' environment and for jobs

Qld? who knows
it seems every retiree from VIC and NSW froth over Qld . Could be a big exodus
Might seem funny to the younger people here (myself included) but being locked down for a year of your life is a pretty big deal when your in 70s and dont know how many are left

And then theres the curve ball - china
lets be honest though, if anything was to escalate regarding china then it wouldnt really matter what Aus market you are invested in

 

Darwin Sydney travel open from 9 October 2020.

I think Darwin will see a lot of tourism given that a round trip flight from Sydney to Sydney sold out in 10 minutes. People must be suffering serious travel withdrawal symptoms.

This 'Flight to Nowhere' Over the Australian Outback Sold Out in 10 Minutes

"
HOSTELS AT OR NEAR CAPACITY AS BACKPACKERS RETURN TO DARWIN
CAMPERVANS, unkempt hair and foreign accents are back in town, as backpackers make their presence felt with accommodation rates sitting healthy across Darwin’s hostels."

No cookies | NT News

Am also reading that there are further gas projects planned for Darwin. Also a substantial increase in defence spending courtesy of a more assertive China. More houses in the suburb I have my IP in (Gunn) are under offer and rents appear to be rising.

 

Hopefully
- Two more trains at inpex
- upgrade at dlng
- Shiplift
- Larrakeyah wharf
- Prawn farm
- US military investment???
- Mining

 

I was helping a friend trying to find a house today and it was really hard!

Everything was Sold, under contract, under offer.....

6 months ago you could have taken your pick!

Houses that were 400k are now 450, 450k houses now seem to magically be 500k....

 

Hi Hammer,
this is really good news. I've been watching houses for sale in Gunn and observed a similar thing. Few houses available and many under offer or under contract. Asking prices have jumped about 50k.
https://www.realestate.com.au/buy/property-house-in-gunn,+nt+0832;/list-1?activeSort=price-asc
Rent has also increased in a similar manner.
Very little available in Gunn and lowest rent now $400/week vs $350/week a few months ago.
I know a few people who usually have overseas holidays (Greece, Spain etc) who now intend to have a holiday in Darwin. This will have a marked effect on Darwin given that it doesn't have a substantial population.
Also this article:- Closed borders: NT loophole Australians are using to travel freely

 

'62,000 have fled to the NT since July'
sounds legit.... where they all staying? the long grass?
No doubt there are plenty who have done this but surely no more than a couple of thousand - which would still impact vacancy quite a bit

 

They're staying anywhere they can. Caravan parks, hostels, hotels, houses.....everything is either full or filling up fast.

My main concern now is whether these people will stay? Or is this just a temporary boom?