NT has seen average median house prices change by 1.14% which means that Coconut Grove, 0810 has done well for property investors by showing a capital gain of -14.12% over the last year
Investment property in Coconut Grove has done poorly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of -6.63%
While Coconut Grove,0810 ranked number 7th in NT for increase in median house value (annualised) increase, it is ranked 12th over the last 5 years.
Sellers are offering property buyers an average discount of -5.27% to buyers in Coconut Grove at the moment, which is less than average for the rest of NT.
The NT suburb of Coconut Grove, 0810 is in the Darwin (C) local government area.
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Northern suburb suffers
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.