At number 3270th in the list of Australian suburbs ordered by increase in median house value over the last year, Bakewell, 0832 is in the BOTTOM 30% with a property value increase of -1.54% recorded in median house prices.
While Bakewell,0832 ranked number 23th in NT for increase in median house value (annualised) increase, it is ranked 13th over the last 5 years.
Our latest figures would indicate that property sellers in Bakewell are currently offering property investors an average price cut of -7.22% below the asking price at the moment.
On average over the past year, suburb has had 2.25 sales per month, which equates to 27 per year.
The NT suburb of Bakewell, 0832 is in the Palmerston local government area.
If you compare the increase in value of investment property in Bakewell, 0832 to the rest of Australia, it performed somewhat poorly. The median increase in value, or capital gain property investors experienced for this NT suburb was -1.67%.
Over the longer term, Bakewell has seen property prices show investors a -25.69% return over the last 3 years. This is an improvement over the last 12 months
Property investors looking for a bargain in Bakewell should be aiming for at least -8.31% off the asking price, which is the average vendor discount being achieved at the moment.
On average over the past year, suburb has had 1.92 sales per month, which equates to 23 per year.
Average annual growth in Bakewell over the past 10 years has been phenomenal. Situated about 25km south-east of the Darwin CBD, it could be ripe for the picking as an investment choice.Full summary
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Average annual growth in Bakewell over the past 10 years has been phenomenal. Situated about 25km south-east of the Darwin CBD, it could be ripe for the picking as an investment choice.
Bakewell is a family-friendly area in Palmerston with a number of public parks, primary and secondary schools and day-care facilities. It’s close to the Stuart Highway, making Darwin proper only a half-hour drive away; regular bus services also operate throughout the area.
Elders Real Estate Palmerston residential sales consultant Sue Cox, says there’s a big rental market in Bakewell, which she only expects to grow.
“Because it’s got bigger blocks than say the Gunns and Duracks of Palmerston, it’s attracted a lot of people,” she says. “Instead of being stuck on a 400 square-metre block, you’re on a 700 square-metre block which is much more family and pet-oriented. It’s a great suburb.”
Bakewell’s relative affordability compared to neighbouring suburbs will also appeal to investors. The median house price in nearby Rosebery, for example, is close to $80,000 higher than that of Bakewell.
It’s also an area with a young and wealthy demographic. The latest ABS estimates put 64.6% of the population in the 0-34 year age bracket, while Census data shows an average weekly family income of $1,519 – well above the territory average of $1,217.
“It was known for a little while as your first home buyers’ market but, in saying that, the suburb has strengthened and deepened with age, and you’ve got a good variety in there,” says Cox.