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