Property value increases in Parap have tracked just higher than the NT average of -2.32% over the last 12 months.
Over the longer term, Parap has seen property prices show investors a -9.75% return over the last 3 years. This is an improvement over the last 12 months
Parap is 43th on a list of best yielding suburbs for rents in NT with a 4.64% return
NT has seen average median house prices change by -8.84% which means that Parap, 0820 has not done well for property investors by showing a capital gain of -33.82% over the last year
When looking at the potential capital gains offered to property investors over the last 3 years, Parap comes in at number 15th in NT.
At number 6th of NT’s most discounted properties, Parap is in the TOP 30% of the state/territory when listing in order of most discounted to least.
Often selling an investment property can take time, and in Parap the average time real estate has been on the market is 125.083 days.
Situated 3.14km from the CBD, Parap is one of Darwin (C) localities in the postcode 0820.
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Parap is around 3km north of the CBD, the same distance south-west of the airport, and practically next door to the beach. Like much of Darwin, its population is growing by around 2% per annum, and residents are typically quite affluent with an estimated weekly income of over $2,000.
There is a small cluster of shops, restaurants, and cafes in the shopping village near Parap Road, with further amenities north at Fannie Bay and as you head towards the CBD. Parap is also home to the Parap Village Markets, which sees stallholders set up a range of cuisines, clothing, jewellery and crafts every Saturday morning.
Houses are slightly more expensive than nearby suburbs. Blocks are relatively large however, and values have also remained robust in a volatile market.
“There is some public debate in Darwin at present about the merits of infill development and higher density in inner suburbs as opposed to furthering the urban sprawl,” explains Terry Roth, director of Herron Todd White NT Roth.
“Larger blocks in inner city suburbs like Parap may have some potential for more rezoning and subdivision to increase population density on the peninsula. Such blocks will be priced at around the $750,000 ceiling.”