NT has seen average median house prices change by -8.24% which means that Coconut Grove, 0810 has not done well for property investors by showing a capital gain of -28.78% over the last year
Coconut Grove,0810 was ranked 1388 in Australia by increase in median property value over the quarter.
State is the most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -9.19% offered to property buyers. Sellers in Coconut Grove itself are offering an average vendor discount of -6.82% to real estate investors.
Using the current median advertised rental of $335 and the average annual increase in value of a median property of -4.53%, investors should hope to achieve an overall return of 7.95%
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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.