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Will Darwin market go back up... and when?

Discussion in 'General Property Chat' started by Chris Zamora, 3rd Oct, 2016.

  1. Chris Zamora

    Chris Zamora New Member

    3rd Oct, 2016
    Old Bar, NSW 2430
    I bought a unit in Darwin - Zest Residence in 2012.. It started off really well but not so good at the moment... I'm hoping Darwin will shed some light and my unit will have great protential. Does anyone know anything about the Darwin market and is there any chance on seeing positive growth?
  2. God_of_money

    God_of_money Well-Known Member

    28th Jun, 2015
    Gold Coast
  3. hammer

    hammer Well-Known Member

    28th Aug, 2015
    I know Darwin well. Here's the brutal truth.

    Darwin is going to be dead until Inpex is finished. You've got at least another 2 years of pain.

    Units in Darwin, much like you bought have been hit the worst. There's a massive oversupply and now lending restrictions on the 0800 postcode. You bought at peak so you'll need to seriously consider the possibility of it taking a decade for your unit to be valued at the same price you paid. Sorry.

    Now for the good news....The fundamentals for Darwin are sound. It's a balanced econony, low unemployment, Close to Asia, and the only City for a million miles.

    Long term Darwin should be OK. That's the theory at least.

    You'll need to sit down, have a big think and work out your next move. Can you live in it? Is the rent going to be enough to not make it too painful? Also if youre wanting to expand your portfolio it might be worth checking with a broker to see how it affects your capacity.

    Sincerely wish you the best of luck.