Alice Springs

6.3% yield at $490k is clearly cashflow positive. The dominant employer (Pine Gap) is a permanent US-Australian defense facility on a 70+ year lease, making it arguably the most recession-proof employment base in the scan. Federal housing investment is improving stock quality.

2.0% vacancy is the highest in the scan; NT markets have historically been volatile; social disadvantage in some areas requires careful property selection; property management quality highly variable; remote location adds complexity.

6.3% yield at $490k = $30,680 rent vs $25,480 interest = $5,200 positive pre-cost. No NG needed. Pine Gap employment is permanent (US lease). Cashflow positive even at current vacancy.