NT Darwin - is this the start of recovery?

Exactly.

 

i guess most would be there temporarily
small % would of had the intention of staying
and you will get some more stay who get a job in the meantime
The ability to retain people would depend on job availability and housing availability.
I was under the impression that the Darwin economy was contracting before Corona but i wasnt following any job vacancy or unemployment stats

I dare say that out of the 62000 that have apparently gone into the territory that vast majority would be grey nomads who will probably stay for around 4-6 weeks before heading into queensland - could be wrong but thats the only logical explanation i can come.up with to explain 60,000 people coming in

 

Herron Todd White October 2020 month in review now has both houses and units at Start of Recovery in their respective investments clocks:-

https://static.htw.com.au/HTW-month-in-review-October-2020.pdf

 

On the other side of the coin the feds are predicting that the NT population will drop by 7000 over the next three years.

 

The rental crunch is finally making the mainstream news...
NT's 'coronavirus refugees' putting pressure on Darwin's rental market

@MTR

 

Good news

 

The listing numbers reduce every time I look, and a lot actually say application approved or pending

 

My PM friend said that the low vacancy rate/rental market heat started back in January; pre-COVID. We couldn't work it out in the time - there were no reports of population increase so we couldn't work out where the people were coming from....

 

Covid is having opposite effect of what I expected. This could be a global phenomena.

Low stock...... boom

 

I don’t know if you know of Phil Anderson? I’m subscribed to his newsletters on the 18.6 year property cycle and his most recent newsletter singles out Darwin (and Perth) specifically as being in a strong comeback and all the data points to this being a real recovery rather than only lasting as long as Covid ..

 

I hope he’s right. It’s been a tough 8 or so years.....

 

Well, Coolalinga has been identified as one of the hardest hit areas job wise, however, my private schiool based there has grown from 101 Day 1 Term 1 2020 to a forecasted 150-165 minimum to start Day 1 Term 1 2021. Make of that what you will.

I noticed improved activity around mid last year housing wise that at least the bottom had been reached.

I'm now pretty confident that a slow climb is now on, houses first then units eventually once houses are no longer affordable. No cranes in Darwin tends to indicate no more units to be built in the near future either.

Low rental availability will push prices up as will low interest rates too.

 

It would appear you bought your château at just about the perfect time!

 

I was spewing at the time someone was bidding against me with the private sale, reckon we might have got it for $610,000 but in the big picture our family of 7 would have been up for about $40,000-$50,000 in rent otherwise, so $620,000 made sense to me at the time as I couldn't find too much else that suited us then. We should do a Darwin based catch up again with the people on here too.

 

Agreed! Let's.
@Purple Patch @Darwin55 @Appy @martini @Longrass and anyone else I have forgotten....

 

I am getting excited

 

Fridays or Saturdays work good for me.

 

Sold over Facetime. Interstate buyers zero in on Darwin over the phone - Raine & Horne DARWIN Blog

 

The vacancy rate for the whole city is now 0.7 percent according to SQM.

SQM Research - Property - Residential Vacancy Rates - Darwin

Feeling very grateful that I took an educated punt when the going was bad to buy my own place .....

 

After work on Fridays is always good, maybe a quiet cold beverage as well