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 -12.84%.
Parap,0820 was ranked 3902 in Australia by increase in median property value over the quarter.
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 -10.02% is being offered, which puts this NT suburb at 349th most discounted overall in Australia.
In the last year 19 properties changed hands in Parap, which puts it as the 37th most active market in NT when comparing the number of sales per suburb.
Parap is 24th on a list of best yielding suburbs for rents in NT with a 5.27% return
At number 1633th 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 -14.06% recorded in median house prices.
When looking at the potential capital gains offered to property investors over the last 3 years, Parap comes in at number 21th in NT.
State is the most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -8.84% offered to property buyers. Sellers in Parap itself are offering an average vendor discount of -7.85% to real estate investors.
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.”