Investor Research Note · Residential Houses · Early Access

Palmerston

NTTier 2KnownPositiveStarting
48
/100
Policy
◆ NEUTRAL
Rank #20 of 20

6.0% yield and strongly positive cashflow despite 2.8% vacancy. Palmerston is the residential suburb for Robertson Barracks, Australia's largest Army base. ADF personnel rotations are the primary vacancy driver, not economic weakness. As ADF housing policy shifts toward private market, structural demand increases.

Market Metrics
Gross Yield
6.01%
Rent Growth
+3.5%
Price Growth
+3%
Vacancy
2.8%
Median Price
$510k
Weekly Rent
$590
Population
37k
Income Level
Med
NG Dependence
None
National Rank
#20
Cashflow Estimate
80% LVR at 6.5% interest. Indicative only.
Annual Rent
$30,680
Annual Interest
$26,520
Net Pre-Costs
+$4,160
NG Required?
No
Rent Projection
At 3.5% annual rent growth. Model estimate only.
PeriodWeekly rentAnnual rentvs. InterestStatus
Now$590/wk$30,680+$4,160Positive
Year 1$611/wk$31,754+$5,234Positive
Year 2$632/wk$32,865+$6,345Positive
Year 3$654/wk$34,015+$7,495Positive
Year 4$677/wk$35,206+$8,686Positive
Investment Signal

6.0% yield and strongly positive cashflow despite 2.8% vacancy. Palmerston is the residential suburb for Robertson Barracks, Australia's largest Army base. ADF personnel rotations are the primary vacancy driver, not economic weakness. As ADF housing policy shifts toward private market, structural demand increases.

Risk / Warning

2.8% vacancy is the highest in the scan; NT market history includes severe downturns; INPEX construction phase completed and employment has peaked; limited organic population growth; property management critical.

Budget Policy

6.0% yield at $510k = $30,680 rent vs $26,520 interest = $4,160 positive pre-cost. ADF rental subsidies (DHOAS) mean tenant quality is government-backed. Robertson Barracks is a permanent strategic asset.

Economic Catalysts
Robertson Barracks (1,800+ ADF personnel, Australia's largest Land Force base)INPEX Ichthys LNG and Woodside Darwin LNGDarwin port privatisation supply chain effectsNT Government services employment
Score Breakdown
48 / 100
Rental yield signal
+17
Rental momentum
+7
Yield vs. price spread
+11
Supply tightness
+3
Economic fundamentals
+10
Market liquidity
+7
Discovery discount
-7
Policy adjustment+1pts
Total score48
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Data Sources

CoreLogic NT Q1 2025 · REINT Palmerston/Darwin Q4 2024 · SQM Research · ADF Defence Housing Australia occupancy data 2024 · NT Government Greater Darwin Region Land Use Objectives 2024

VintageQ1 2025 (indicative). All figures are model estimates compiled from public sources. Verify independently before making any investment decision. Not financial advice.
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