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.
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.”