Bakewell has had a pretty average year for property investment returns compared to the rest of NT, giving investors a capital gain of -5.45% to date .
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Bakewell has increased when compared to the 5 year average annual rate.
Property buyers and investors in Bakewell 0832 should be seeing an average reduction in asking price of around -8.31% . This means that Bakewell is holding prices well when compared to other suburbs in NT.
On average over the past year, suburb has had 2.75 sales per month, which equates to 33 per year.
Using the current median advertised rental of $480 and the average annual increase in value of a median property of 4.40%, investors should hope to achieve an overall return of 5.23%
Investment property in Bakewell has done poorly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of -17.80%
Taking the average capital gain, or increase in median house value, Bakewell,0832 has racked up an average of -17.80% over the period. This ranks it number 1692th in the whole country for real estate investors looking at median house price increases.
Property buyers and investors in Bakewell 0832 should be seeing an average reduction in asking price of around -9.34% . This means that Bakewell is holding prices well when compared to other suburbs in NT.
The NT suburb of Bakewell, 0832 is in the Palmerston local government area.
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.