Tod Peterson - Buyers Agent NT

[aw1]

There is nothing in Lyons for 600k. Maybe a townhouse in the mid-600's.
Your opinion of Darwin property prices may have been a bit skewed by looking at Lyons - I personally think Lyons is set up for a huge fall. The land has been around for a while and there has been no capital growth - because there is simply no room to grow within realistic affordability levels. Starting prices are around 700k (DHA recently offloaded a few at this level - they go on hold within minutes). People are dreaming to think this is sustainable in the northern suburbs where you can buy the best of the best in a neighbouring suburb for 100k less.

Good value in Marlow Lagoon and Virginia IMHO.

 

[AUSPROP...]

You could buy a bloody mansion in Melb or canal frontage property for $900K on the Gold Coast for that price. (ok perhaps mansion in Melb $900K is abit exaggerated).
Darwin's population is still under 100,000 people. Yet property prices are so ridiculously high.

apples and oranges - those types of homes aren't cyclonic and there is plenty of labor and cheaper materials to build them. Just as Karratha homes are about twice the median price of homes in Perth

 

[Nommy]

so if I rip down my waterfront home on the gold coast and build a double brick 4 bedroom home it should be worth even more! Fantastic!

 

[burty85]

so if I rip down my waterfront home on the gold coast and build a double brick 4 bedroom home it should be worth even more! Fantastic!

Don’t need to be double brick, just reo besser brick, that should do the trick

 

[redsquash]

Defence Housing Authority in Darwin

Defence Housing Authority are building somewhere up in darwin I recall .
Any comment or details.
The transient nature of the population and probably poor Property mangers is encoraging me more and more to look at DHA houses in Darwin area.

They normally tend to be in non popular area so Capital growth tends just to be average , thoiugh I think in darwin things are more insulated from economic downturns.
Any comments or ideas about my perceptioons?
y33 , aw1 and outback Jack
I ennjoyed your information

 

[aw1]

DHA are currently building and selling in Lyons.
Stay far far away, it is severely overpriced. Anyone disagree?

I think the "transient nature" of Darwin's population is very overstated. How this is calculated is important. I imagine the fact that we get 1.5 million tourists/backpackers through here per year with a population of 100,000 probably explains the stats quoted.

 

[outbackjack]

I dont think that there is much of a "transient nature" as there was 10 or 15 years ago, maybe with the defence. Even then some stay more than 5 years.

I do think Darwin is overpriced at the moment. It seems whenever a new project is annouced the real estates agents jump on it, telling people to act now etc etc.

I wouldnt think the cyclone rated house would add a lot to the house price, but I am not a builder.


Darwin was stagnat for a long time and it has been only the last 4 or 5 years which have seen massive gains.

I think that some investors maybe getting carried away with the Hype?


I havent been in Darwin in the last few years, so this is my opinion and others would know better.

 

[burty85]

I dont think that there is much of a "transient nature" as there was 10 or 15 years ago, maybe with the defence. Even then some stay more than 5 years.

I do think Darwin is overpriced at the moment. It seems whenever a new project is annouced the real estates agents jump on it, telling people to act now etc etc.

I wouldnt think the cyclone rated house would add a lot to the house price, but I am not a builder.


Darwin was stagnat for a long time and it has been only the last 4 or 5 years which have seen massive gains.

I think that some investors maybe getting carried away with the Hype?


I havent been in Darwin in the last few years, so this is my opinion and others would know better.

Outbackjack...

I was actively looking for my 2nd IP in Darwin, had been trying for the last 5 months, but run into some walls with lenders, I have watched houses that I was looking at a few months ago move up in value more than 30K in that time, and now believe that I have been priced out in my range, plus I personally think that prices will flatten over the coming months, even yrs in Darwin now....

Darwin has a lot going for it, don’t get me wrong. Yields where really strong say about 1yr ago, now prices have risen and yields have taken a hit, still good but not great.

I had a few offers in last month on a few properties in the Palmerston area, all fell thought. I was asking very close to asking price and still got knocked back...

 

[aw1]

I wouldnt think the cyclone rated house would add a lot to the house price, but I am not a builder.

You're looking at about double the price of a similar sized house built anywhere else to build something in Darwin. It's not just to meet cyclone code, there's plenty of gouging going on.

For example, a basic 4 bedroom plan that will not meet the covenants in Lyons starts at about $360k, thats living area of ~170sqm (total building size ~230sqm).