Zuccoli, a good decision?
We're looking at houses out in the Palmerston area. Does Zuccoli look like it well be a good area with good resale value potential? Or is it overpriced?The opinions expressed here are those of the individual and not those of Homely.com.au.
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No, the developers are struggling to move blocks and rental yields are low in the Palmerston developments such as Zucolli, mitchell creek, bellasmack etc. and existing properties have taken a huge tumble due to lack of growth and declining population. the market is cooling and you should look at buying in the Northern Suburbs or inner Darwin blue chip suburbs whilst we have these low prices.
I've noticed that older rentals in Palmerston have had the biggest price drop, newer homes have a more stable market like Zuccoli. Please do not buy/rent from Ethan Property Group. They have been building cheap homes in Darwin at very low prices and they are not local. Zuccoli is a fantastic place for families to live, it has the recently built Supa IGA and parks nearby. It is also near the Palmerston CBD and new Coles and Kmart centre in Coolalinga. A new Gateway development is opening in June/July with Woolworths, Big W, Event Cinemas and 100+ stores! I recommend to look around, dont jump into the first home you see.
You might have to wait a few years now, because Darwin is experiencing a downturn in the market, with house and unit prices heading south rapidly. The price of houses and units in Darwin, and Palmerston, have for quite some time been hugely overpriced, and this is the correction we had to have. A large construction project is also winding down and moving to commissioning and maintenance phase, so a lot of people employed during the construction phase will be moving on. Having said that the area itself is lovely, well planned, although some blocks are really quite small.