Darwin unit slashed to possibly get it sold: SQM Research

Darwin unit slashed to possibly get it sold: SQM Research
Darwin unit slashed to possibly get it sold: SQM Research

A Blue Fig, Darwin unit (below) has become a burden to its owner.

"It's been on the market since August 2015 and still hasn't sold," SQM's Louis Christopher said.

"The price has just come down again to $430,000 as the vendor reassess their expectations in a city that has been trampled on by the mining downturn.

"Investors might be reluctant to buy a unit in an area where the vacancy rate has been climbing since 2012 and is now around 3.3%," he suggests.

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Darwin unit slashed to possibly get it sold: SQM Research

Reflecting that, the asking rent for a two bedroom unit in the 0810 postcode has fallen almost 20% in the three years to be around $375 a week now.

"Who knows when that decline in rents will stop?

"Only a brave buyer perhaps would put a date on it.

"As for asking prices for units, those too have been trending downwards in the 0810 postcode," Christopher said.

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Darwin Sqm Research

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