Property value increases in Parap have tracked lower than the NT average of -4.74% over the last 12 months.
LACK OF BUYER INTEREST may well be the reason that Parap is offering property investors an average of -7.30. This rate of discount on properties puts Suburb at number 10th in terms of most discounted suburbs in NT
Parap, 0820’s gross rental yield is 5.57%
Property value increases in Parap have tracked higher than the NT average of -1.81% over the last 12 months.
Parap,0820 has offered an average of 20.95% return per annum in house price rises to property investors over the last three years.
When looking to buy, or assessing what properties are really achieving at sale, it's essential for property investors to take into account what discounts are being offered in Parap, 0820. Typically our figures indicate that -8.46% is being offered, which puts this NT suburb at 149th most discounted overall in Australia.
Residents and property investors in Parap have been waiting around 108.46 days to sell a property.
With the median price for a house in Parap being $447500 and the advertised rent reaching $445 the gross rental yield for property investors calculates out to be 5.17%
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.”