NT has seen average median house prices change by -5.07% which means that Gunn, 0832 has not done well for property investors by showing a capital gain of -10.65% over the last year
Gunn,0832 was ranked 3673 in Australia by increase in median property value over the quarter.
LACK OF BUYER INTEREST may well be the reason that Gunn is offering property investors an average of -7.55. This rate of discount on properties puts Suburb at number 39th in terms of most discounted suburbs in NT
At number 2299 in a list of fastest selling suburbs, Gunn is in the bottom 40% of suburbs in Australia with an average of days on market 92.07 for properties listed there.
Gunn is 19th on a list of best yielding suburbs for rents in NT with a 5.39% return
While Gunn prices are relatively high for Palmerston, demand for property is good, with data from realestate.com.au estimating that there are 11 people searching for every one property available. With high demand and significant population growth, there’s certainly potential for more growth in the future.Full summary
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The suburb of Gunn is situated in the heart of Palmerston, the second largest city in the Northern Territory and a satellite city to Darwin. Although it’s 23km south of Darwin’s CBD, it’s within close proximity to the main connecting highway.
Gunn is within walking distance of a number of parks, lakes sports club and other amenities within the Palmerston local area. It’s also minutes from the Palmerston CBD which includes shopping centres, a cinema complex.
Not surprisingly, houses dominate the market: there may also be opportunities for value-adding, given a number developments were constructed in the mid-1970s following the advent of Cyclone Tracy and may not be in need of refreshment.
While prices are relatively high for Palmerston, demand for property is still high, with data from realestate.com.au estimating that 11 people are searching per property available. With high demand and significant population growth – Palmerston’s population increased by around a third between 2005 and 2009- there’s certainly potential for more growth in the future.
The average gross rental yield is 5%, on-par with surrounding suburbs and vacancy rates are balanced at 3.3%. Prime locations in Gunn are south-west of the suburb, due to proximity to local parks, schools and retail amenities.