Suburb Profile Report for Parap NT (0820)

Parap House: Median price $700,000, Annual capital growth 2.32%, Number of sales 14, Weekly median advertised rent $750

Parap Unit: Median price $407,500, Annual capital growth 9.80%, Number of sales 23, Weekly median advertised rent $450

  • House
  • Unit
Source: CoreLogic RP Data
  • Median price
  • Number of sales

Source: CoreLogic

  • House Report
  • Unit Report
  • Expert Report

Property value increases in Parap have tracked lower than the NT average of -6.06% over the last 12 months.

The five-year average increase in median property values for Parap,0820 has given property investors a potential capital gain of -15.98% across each of those five years.

State is the 2nd most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -7.64% offered to property buyers. Sellers in Parap itself are offering an average vendor discount of -8.21% to real estate investors.

With the median price for a house in Parap being $700000 and the advertised rent reaching $750 the gross rental yield for property investors calculates out to be 5.57%

Parap has had a A very good year for property investment returns compared to the rest of NT, giving investors a capital gain of 7.24% to date .

A -21.63% growth in median value for property investors in Parap,0820 puts this suburb at number 5th in terms of best performing suburbs in NT

LACK OF BUYER INTEREST may well be the reason that Parap is offering property investors an average of -8.47. This rate of discount on properties puts Suburb at number 8th in terms of most discounted suburbs in NT

Situated 3.04km from the CBD, Parap is one of Darwin localities in the postcode 0820.

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Parap is around 3km north of the CBD, the same distance south-west of the airport, and practically next door to the beach. Like much of Darwin, its population is growing by around 2% per annum, and residents are typically quite affluent with an estimated weekly income of over $2,000.Full summary

Parap is around 3km north of the CBD, the same distance south-west of the airport, and practically next door to the beach. Like much of Darwin, its population is growing by around 2% per annum, and residents are typically quite affluent with an estimated weekly income of over $2,000.

There is a small cluster of shops, restaurants, and cafes in the shopping village near Parap Road, with further amenities north at Fannie Bay and as you head towards the CBD. Parap is also home to the Parap Village Markets, which sees stallholders set up a range of cuisines, clothing, jewellery and crafts every Saturday morning.

Houses are slightly more expensive than nearby suburbs. Blocks are relatively large however, and values have also remained robust in a volatile market.

“There is some public debate in Darwin at present about the merits of infill development and higher density in inner suburbs as opposed to furthering the urban sprawl,” explains Terry Roth, director of Herron Todd White NT Roth.

“Larger blocks in inner city suburbs like Parap may have some potential for more rezoning and subdivision to increase population density on the peninsula. Such blocks will be priced at around the $750,000 ceiling.”

Close
Metrics i HOUSE UNIT
$700,000 $407,500
-5.41% 0.62%
-17.55% 7.24%
2.32% 9.80%
$750 $450
14 23
5.57% 5.74%
107.72 107.23

Source: CoreLogic

DSR Score for property investment : Balanced (H), Balanced (U)
Find a mortgage broker in Parap NT
Demographics
Total population 1975
Median household income ($/weekly) 2082
Median age of persons 35
Median housing loan repayment ($/monthly) 2383
Average household size 2.5
  • Census Count Percent(%)
    5-14 years 228 11.5
    25-34 years 375 19.0
    35-44 years 385 19.5
    45-54 years 264 13.4
    55-64 years 238 12.0
    Others 486 24.6
    Age Group
    Census Count Percent(%)
    Not Married 607 44.2
    Registered Married 561 40.9
    Defacto Relationship 204 14.9
    Social Marital Status
  • Census Count Percent(%)
    Australia 1327 74.3
    Papua New Guinea 39 2.2
    Philippines 48 2.7
    United Kingdom 104 5.8
    Other 79 4.4
    Others 188 10.5
    Country of Birth
    Census Count Percent(%)
    Buddhism 40 2.4
    Christianity 1007 59.6
    Hinduism 21 1.2
    Islam 15 0.9
    No Religion 599 35.5
    Others 7 0.4
    Religious Affiliation
  • Census Count Percent(%)
    $1,500-$1,999 92 14.9
    $2,000-$2,499 79 12.8
    $2,500-$2,999 87 14.1
    $3,000-$3,499 61 9.9
    $4,000 or more 58 9.4
    Others 242 39.1
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Employed, worked full-time 830 57.6
    Not in the labour force 281 19.5
    Employed, worked part-time 236 16.4
    Employed, away from work 68 4.7
    Unemployed, looking for work 27 1.9
    Person Characteristics
  • Census Count Percent(%)
    Managers 221 19.4
    Professionals 303 26.6
    Technicians & trades workers 155 13.6
    Community & personal service workers 92 8.1
    Clerical & administrative workers 181 15.9
    Others 188 16.5
    Occupation
    Census Count Percent(%)
    Pre-school 25 6.4
    Infants/Primary 146 37.3
    Secondary 103 26.3
    Technical or Further Educational Institution 24 6.1
    University or other Tertiary Institutions 79 20.2
    Others 14 3.6
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 945 53.9
    Flat, unit or apartment 616 35.1
    Semi-detached, row or terrace house, townhouse 143 8.2
    Improvised home, tent, sleepers out 46 2.6
    House or flat attached to a shop, office 3 0.2
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Rented 360 52.2
    Being purchased 200 29.0
    Fully owned 126 18.3
    Other tenure type 3 0.4
    Tenure Type
Census 2011, ABS
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Recent sales & rentals