Giving property investors a an average capital gain of -0.35% for the last year, Parap, 0820 is the 2389th highest performer in Australia in this respect.
Over the longer term, Parap has seen property prices show investors a 2.86% return over the last 3 years. This is worse than over the last 12 months
Renters in Suburb are facing rents around $32760 per annum or $630 every week.
With a capital gain of -16.40% for the last 12 months, Parap, 0820 has performed for property investments than its average annual -2.28% property growth over the last 5 years.
When looking at the potential capital gains offered to property investors over the last 3 years, Parap comes in at number 13th in NT.
Property investors looking for a bargain in Parap should be aiming for at least -11.36% off the asking price, which is the average vendor discount being achieved at the moment.
Advertised rents are around the $435 mark per week – giving a return of 8.54% based on the median price in Suburb
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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.”