Bakewell is in the bottom 30% in NT when comparing median price capital growth over the last year. Bakewell gave property investors a disappointing capital gain figure when compared to the rest of the state, with -10.38%.
Across a shorter period, Bakewell, 0832 has seen a median price increase of -7.14% over the last quarter.
State is the 2nd most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -7.62% offered to property buyers. Sellers in Bakewell itself are offering an average vendor discount of -8.45% to real estate investors.
Situated 16.95km from the CBD, Bakewell is one of Palmerston localities in the postcode 0832.
With a capital gain of -17.81% for the last 12 months, Bakewell, 0832 has performed for property investments than its average annual 4.21% property growth over the last 5 years.
LACK OF BUYER INTEREST may well be the reason that Bakewell is offering property investors an average of -9.32. This rate of discount on properties puts Suburb at number 6th in terms of most discounted suburbs in NT
On average over the past year, suburb has had 1.75 sales per month, which equates to 21 per year.
Bakewell, 0832’s gross rental yield is 6.41%
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.