Near New Darwin (Palmerston) Unit with DHA Lease

Discussion in 'Caveat Emptor (Buyer Beware)' started by Longrass, 11th Apr, 2014.

  1. Longrass

    Longrass Member

    Joined:
    10th Jun, 2013
    Messages:
    61
    Location:
    Darwin, NT
    Morning people,

    We have made the decision to offload our PPOR in the Palmerston suburb of Johnston.

    This complex (and unit) was completed and titled in Jan 2013 and has been owner occupied since. The main bedroom and ensuite was used as such, the second bedroom an office and more recently a spare room.

    Condition wise, the unit is in near new condition. Having never been subjected to the tortures of rental, it has been well looked after by us and upgraded accordingly.

    The unit complex itself has 0.0% occupancy, with all 68 units being presently occupied. It is sought after by both the Gas Industry workers and the Military, being in close proximity to both.

    Johnston is a sought after suburb and this is the only unit complex in the suburb. To give you an indication, the developer has kept 12 units for himself and has them rented.

    We have received a rental estimate of $600pw, however have contacts within INPEX who have expressed shorter term-3/6-12 month terms, fully furnished, cleaned etc, for upwards of $900pw.... (Take this with a grain of salt, as INPEX is extremely difficult to deal with)...

    Currently, the 3 units other units on our level are rented at $550, $575 and $550 respectively.

    DHA have provided us with a letter of offer on the property at $550pw.

    I believe this is a great investment for someone wishing to crack into the market in Darwin before the real boom hits. No doubt there will be considerable capitol growth in the Palmerston unit market over the next few year, however for us, we need to recover our cash funds and put them into buying a rural (5ac) block for a bit more of a lifestyle change.

    The property is currently listed on RE.com.au

    (http://www.realestate.com.au/property-unit-nt-johnston-116675327)

    Thanks guys!
     
  2. Ajax

    Ajax Member

    Joined:
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    Location:
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    Hi Longrass,

    you need to get onto the agent who listed the property.

    You have it advertised at $440,000 and it says currently rented at $550/week.

    "This property currently rents for $550pw a whopping 5.2% ROI. "

    I calculate a 6.5% ROI.

    I'm selling a house in nearby Gunn asking $505k and tenants will re-let at $550/week (5.6% yield) . Agent tells me he has had more enquiries for properties in this area in the last 3 weeks than in the last 3 months. About half of all properties listed are under contract.

    http://www.realestate.com.au/property-house-nt-gunn-115843119

    I'm of two minds whether I should sell. I just read an article in Fin Review talking about a possible 3rd, 4th, 5th and 6th LNG train to be added to the Inpex LNG plant at Blaydin Point by 2016.

    Here's an article on the first and second trains:-

    http://www.miningaustralia.com.au/news/1200-jobs-on-offer-after-$615m-lng-contract-win
     
  3. Longrass

    Longrass Member

    Joined:
    10th Jun, 2013
    Messages:
    61
    Location:
    Darwin, NT
    Yeah, I have some clients with INPEX, quite high up in fact and they are all purchasing PPORs and IPs in Darwin at current.

    Things are about to boom, however we have different priorities for our PPOR arrangements at present.

    The REA add has been update, thanks for your attention in the matter,

    Had 5 phone calls on Friday and looks like it will go quickly as I thought
     
  4. devank

    devank Why why why?

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    Location:
    Inner West, NSW
  5. Longrass

    Longrass Member

    Joined:
    10th Jun, 2013
    Messages:
    61
    Location:
    Darwin, NT
    Our unit in particular is one of the end units, which have crossflow from the side windows and larger balconies. These were $15k more at purchase time and are a much better investment.

    In any event, one of the middle units just sold for $435, so I believe $440 is a great opportunity.
     
  6. Longrass

    Longrass Member

    Joined:
    10th Jun, 2013
    Messages:
    61
    Location:
    Darwin, NT
    Please delete, property is now sold. $435K open market.