Darwin IPs

From: Simon and Julie M


Hi Forum Lovers

I have a friend who is interested in buying an IP in Darwin.

Does anyone know good suburbs/areas to look at? What areas are in demand? What products are in demand - units, houses? What rent returns, vacancy rates? Local agents? Websites? Any interesting info.


Cheers
Julie
 
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Reply: 1
From: Denise Macadam


Hi Simon and Julie

i am a Darwin girl from way back and my family still lives there - about 35 years now. My sister has an Ip, she has been in Sydney for a few years now. In 7 years it has only increased $40,000. but I don't see her getting the full valuation price at present. I am only putting my personal view across here - have not looked at any numbers, figures etc. I sold my house in a private subdivision a few years ago now.
I returned very recently from a trip and the property scene is not what i would consider "attractive". An over supply of units/apartments, rental demand is very seasonal, and they are still building so many more. Darwin is a big Government town and a huge portion of the population have government houses and subsidies - the other big sector is the Services, who also have their own housing for the defence personnel. My parents talked a lot about friends not being able to get any decent returns on their homes when selling up and moving south - some only breaking even if lucky. I spoke to a "darwin boy" at an inspection recently(in Brisbane), (agent) he did not have a lot of good things to say about the darwin property scene. Your friend may have a particular reason for wanting to buy there - but explain they need to do a lot of research first.

Regards
Denise
 
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Reply: 2
From: Simon St John


Simon and Julie

I have a friend who has one of the more upmarket priced units in Darwin.

It has been vacant (as have 3 others in the development) for about 6 months and costs him some $400 a week.

I guess it all comes down to making absolutely sure you pick something that will rent easily and, as Jan and others suggest, is in the bottom quarter of the market to ensure a reasonable chance of rental demand.

As my friend has discovered, buying at the top of the market can really hurt if you can't find a tenant!

Simon
 
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Reply: 3
From: George M


this is where most people can make a huge mistake especially if they cant afford to make them.
you should always be aware that if you are going to invest in a regional market or in an area where there isn't many major sources of employment or infrastructure development you are putting yourself at risk.
Property Investment shouldn't be speculative and your friend should do their homework on there goals and time frame, Then look at property

George Mariotti
 
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Reply: 3.1
From: Simon and Julie M


Thanks Denise, Simon and George for sharing your views. I will encourage my friend to study the market before making a decision.
Regards
Julie
 
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