Parap is in the bottom 40% in NT when comparing median price capital growth over the last year. Parap gave property investors a disappointing capital gain figure when compared to the rest of the state, with -4.59%.
Across a shorter period, Parap, 0820 has seen a median price increase of -4.59% over the last quarter.
Parap0820 is located in NT which offers an average discount of -7.59% to property investors. Parap itself is showing figures that indicate -8.14% is the average achievable by property buyers investing in the suburb.
On average over the past year, suburb has had 1.33 sales per month, which equates to 16 per year.
Parap, 0820’s gross rental yield is 4.81%
If you compare the increase in value of investment property in Parap, 0820 to the rest of Australia, it performed poorly. The median increase in value, or capital gain property investors experienced for this NT suburb was -10.46%.
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.
Our latest figures would indicate that property sellers in Parap are currently offering property investors an average price cut of -7.46% below the asking price at the moment.
The NT suburb of Parap, 0820 is in the Darwin local government area.
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.”