Driver is in the bottom 40% in NT when comparing median price capital growth over the last year. Driver gave property investors a disappointing capital gain figure when compared to the rest of the state, with -5.66%.
While Driver,0830 ranked number 16th in NT for increase in median house value (annualised) increase, it is ranked 42th over the last 5 years.
LACK OF BUYER INTEREST may well be the reason that Driver is offering property investors an average of -7.50. This rate of discount on properties puts Suburb at number 10th in terms of most discounted suburbs in NT
The NT suburb of Driver, 0830 is in the NULL local government area.
A $300 per week rent on the median house gives suburb investors a gross yield of circa 6.58%, without taking into account capital value appreciation, which has been averaging out at 2.65%.
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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.