Virginia has had a pretty good year for property investment returns compared to the rest of NT, giving investors a capital gain of 0.79% to date .
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Virginia has fallen somewhat when compared to the 5 year average annual rate.
Vendor discounting in Virginia is giving property investors an average Vendor Discount of around -8.45%. This puts suburb at number 6th in NT when ranking the most discounted suburbs.
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Information supplied by:
August 2018
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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.