Parap has had a pretty average year for property investment returns compared to the rest of NT, giving investors a capital gain of -8.13% to date .
Comparing Parap,0820 ‘s 5year and quarterly average capital gain offered to property investors, it performed better across the longer period
State is the 2nd most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -7.55% offered to property buyers. Sellers in Parap itself are offering an average vendor discount of -9.49% to real estate investors.
With the median price for a house in Parap being $780000 and the advertised rent reaching $760 the gross rental yield for property investors calculates out to be 5.07%
With a capital gain of -6.74% for the last 12 months, Parap, 0820 has performed for property investments than its average annual 7.75% property growth over the last 5 years.
The five-year average increase in median property values for Parap,0820 has given property investors a potential capital gain of -15.31% across each of those five years.
Sellers are offering property buyers an average discount of -7.41% to buyers in Parap at the moment, which is less than average for the rest of NT.
On average over the past year, suburb has had 2.17 sales per month, which equates to 26 per year.
Property investors should expect to get $450 weekly from the median priced house in this suburb.
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.”