Property investors who have had real estate in Virginia, 0834 should be unhappy with this NT suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices decrease in value by -7.61%
If we look at median property appreciation over just the last three months, Virginia has given property investors a paper return of -1.16%. This puts Suburb as 24 on a list of fastest fasting appreciating suburbs in NT
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Information supplied by:
August 2018
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Located 31km from Darwin and 11km from Palmerston in an outer rural pocket of NT, the suburb of Virginia has been struggling with prices falling since 2013Full summary
Palmerston suburb struggles
Postcode: 0834
Median house price: $630,000
Three-year growth: -17.6%
Rental yield: 5.3%
Located 31km from Darwin and 11km from Palmerston in an outer rural pocket of NT, the suburb of Virginia has been struggling with prices falling since 2013.
Over the year May 2017-2018, house values plummeted by almost 20% to a median of $630,000, with the negative growth looking to continue as the May 2018 quarter reported a 3.1% price fall.
Nonetheless, the suburb has been a relatively robust rental market, as investors achieve 5.3% rental returns in a small market that is about completely occupied (with an average vacancy rate of 0.1%, as per Real Estate Investar). The weekly average rent charged is $640.
Virginia is surrounded by suburbs like Southport, Howard Springs and Bees Creek – all populated by residents who wish to enjoy the local rural lifestyle. Bus services run from Virginia to the neighbouring areas.
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