NT has seen average median house prices change by -5.23% which means that Parap, 0820 has not done well for property investors by showing a capital gain of -11.95% over the last year
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Parap has fallen somewhat when compared to the 5 year average annual rate.
Sellers are offering property buyers an average discount of -10.77% to buyers in Parap at the moment, which is less than average for the rest of NT.
Using the current median advertised rental of $750 and the average annual increase in value of a median property of 1.83%, investors should hope to achieve an overall return of 5.57%
At number 993th in the list of Australian suburbs ordered by increase in median house value over the last year, Parap, 0820 is in the BOTTOM 50% with a property value increase of 2.29% recorded in median house prices.
Parap,0820 has offered an average of 2.29% return per annum in house price rises to property investors over the last three years.
State is the 2nd most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -8.16% offered to property buyers. Sellers in Parap itself are offering an average vendor discount of -7.69% to real estate investors.
Parap, 0820’s gross rental yield is 5.23%
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
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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.
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.”