If you compare the increase in value of investment property in Coconut Grove, 0810 to the rest of Australia, it performed poorly. The median increase in value, or capital gain property investors experienced for this NT suburb was -18.82%.
Comparing Coconut Grove,0810 ‘s 5year and quarterly average capital gain offered to property investors, it performed better across the longer period
LACK OF BUYER INTEREST may well be the reason that Coconut Grove is offering property investors an average of -10.31. This rate of discount on properties puts Suburb at number 3rd in terms of most discounted suburbs in NT
Renters in Suburb are facing rents around $17160 per annum or $330 every week.
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Information supplied by:
September 2018
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Northern suburb suffers
Postcode: 0810
Median unit price: $295,000
Three-year growth: -28.9%
Rental yield: 6.3%
8.7km north of Darwin, the suburb of Coconut Grove struggles with its unit market’s prices plummeting consistently.
The significant downturn has been observed since 2013, when values dropped by 26.3%. The negative growth peaked into the 12 months to June 2018, when prices declined sharply by 35.9% to put the median unit value at under $300,000.
While yields are high at an average of 6.3%, vendors are eager to sell in this poorly performing market, offering heavy discounts at an average of 15.3%. Units spend an average of 100 days on the market before being sold.
This small suburb is largely residential and light industrial, and was named for a coconut grove on the coastal fringe of the suburb in the 1960s. It is bounded by Progress Drive, Bagot Road and Totem Road. The foreshore of the Timor Sea makes up the western boundary.