With a capital gain of -13.72% for the last 12 months, Parap, 0820 has performed for property investments than its average annual 3.12% property growth over the last 5 years.
Over the longer term, Parap has seen property prices show investors a -14.18% return over the last 3 years. This is an improvement over the last 12 months
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 -9.16% is being offered, which puts this NT suburb at 493th most discounted overall in Australia.
At number 1711th in the list of Australian suburbs ordered by increase in median house value over the last year, Parap, 0820 is in the BOTTOM 10% with a property value increase of -24.17% recorded in median house prices.
Parap,0820 was ranked 1450 in Australia by increase in median property value over the quarter.
Sellers are offering property buyers an average discount of -7.85% to buyers in Parap at the moment, which is less than average for the rest of NT.
Often selling an investment property can take time, and in Parap the average time real estate has been on the market is 98.21 days.
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.”