They're excited in Darwin because there are "at least 13 cranes" on the skyline of the CBD, apparently oblivious to the serious over-supply of apartments that is causing prices to fall.

The Northern Territory News this week carried an article under the headline "Our $1.5 billion skyline", which discussed Darwin's "unprecedented billion-dollar construction boom". It quoted numerous industry representatives clearly excited about all the activity.

But Darwin already has an over-supply of apartments, causing the median unit price to fall sharply this year. Projects under construction and contributing to the proliferation of cranes on the skyline include residential developments such as Evolution, Arkaba House, Skyview Apartments and Darwin Waterfront.

Investors are advised to steer clear of this market - or, if tempted, buy something with a point of difference, such as water views. Generic units without special qualities are heading the decline in values.