By the way, I was thinking if any like-minded Darwin property investors wanted to get together to discuss things at some stage that would be really interesting!
I'm of the opinion at the moment that Inpex is not going to do a lot for property prices (affordability ceiling has already been reached) but may have put a floor under any potential falls in price. I can't see Darwin moving again until it has had a period of a few years of stagnant prices. I worked as an analyst programmer in land information for a number of years and looking at the data I think the past has been quite consistent with what I'm predicting for the future.
There are still some gems around though. I always have my eye out for that occasional property that gets offered ridiculously underpriced. Not long ago that was a 2 storey 3 bedroom house in woolner for $445k and later a 3 bedroom house in Woolner for $460k. More recently it was an elevated house on a big corner block in Nightcliff for $400k! Naturally they are usually gone within 24 hours.
My biggest regret was missing out on a townhouse on the Esplanade in 2006 which was up for $985k. The owner had paid $600k for it in 1980 when it was built! These are the ones near the Knuckey St intersection (the only townhouses on the Esplanade that I am aware of). Each has their own 850sqm lot and are large and beautifully finished. I was planning to buy it and sell it very quickly as I knew it was massively undervalued - just the typical result of a poor quality real estate agent. We were a bit late on our finance and it went from under us. A townhouse in the complex (of 4) sold 3 months later for $1.5 million. They would fetch upwards of $2 million now.
I'm of the opinion at the moment that Inpex is not going to do a lot for property prices (affordability ceiling has already been reached) but may have put a floor under any potential falls in price. I can't see Darwin moving again until it has had a period of a few years of stagnant prices. I worked as an analyst programmer in land information for a number of years and looking at the data I think the past has been quite consistent with what I'm predicting for the future.
There are still some gems around though. I always have my eye out for that occasional property that gets offered ridiculously underpriced. Not long ago that was a 2 storey 3 bedroom house in woolner for $445k and later a 3 bedroom house in Woolner for $460k. More recently it was an elevated house on a big corner block in Nightcliff for $400k! Naturally they are usually gone within 24 hours.
My biggest regret was missing out on a townhouse on the Esplanade in 2006 which was up for $985k. The owner had paid $600k for it in 1980 when it was built! These are the ones near the Knuckey St intersection (the only townhouses on the Esplanade that I am aware of). Each has their own 850sqm lot and are large and beautifully finished. I was planning to buy it and sell it very quickly as I knew it was massively undervalued - just the typical result of a poor quality real estate agent. We were a bit late on our finance and it went from under us. A townhouse in the complex (of 4) sold 3 months later for $1.5 million. They would fetch upwards of $2 million now.
Otherwise Palmerston but yeah anywhere else is getting a bit much.