With a capital gain of 2.44% for the last 12 months, Driver, 0830 has performed for property investments than its average annual 1.72% property growth over the last 5 years.
Driver,0830 was ranked 181 in Australia by increase in median property value over the quarter.
With the median price for a house in Driver being $420000 and the advertised rent reaching $420 the gross rental yield for property investors calculates out to be 5.20%
At number 271th in the list of Australian suburbs ordered by increase in median house value over the last year, Driver, 0830 is in the top 20% with a property value increase of 9.51% recorded in median house prices.
The five-year average increase in median property values for Driver,0830 has given property investors a potential capital gain of -38.49% across each of those five years.
A $320 per week rent on the median house gives suburb investors a gross yield of circa 7.41%, without taking into account capital value appreciation, which has been averaging out at 3.10%.
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Young suburb still going downhill
Median unit price: $185,000
Three-year growth: -42.2%
Rental yield: 9.0%
Named for the appointed Administrator of the Northern Territory in 1946, the suburb of Driver is a fairly young suburb, being mainly populated with 1980s developments.
It is located in the inner city area of Palmerston, which is a satellite town around 30 minutes from Darwin. It has been popular with residents, thanks to its peaceful and community-friendly vibe. Driver is also a highly convenient suburb, with many schools within walking distance. The presence of several parks in the suburb, including a dog park with an obstacle course, facilitates activity. Shopping areas are in the vicinity, and Darwin is only a short drive away.
Driver continues to struggle with the Top End’s falling market as unit prices dropped by 14% in the January 2018-2019 period. The median value stands at under $200,000. Investors can gain a 9% return on rentals on average off a weekly rent rate of $320.