Over the last year, property investments in Gunn, 0832 have given investors a capital gain of -9.43%. This compares badly with the -4.74% for NT as a whole.
While Gunn,0832 ranked number 13th in NT for increase in median house value (annualised) increase, it is ranked 32th over the last 5 years.
Vendor discounting in Gunn is giving property investors an average Vendor Discount of around -6.74%. This puts suburb at number 25th in NT when ranking the most discounted suburbs.
A $500 per week rent on the median house gives suburb investors a gross yield of circa 5.42%, without taking into account capital value appreciation, which has been averaging out at 3.50%.
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.