Parap is an average performer in NT when comparing median price capital growth over the last year. Parap gave property investors a average capital gain figure when compared to the rest of the state, with -1.37%.
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Parap has fallen somewhat when compared to the 5 year average annual rate.
Situated 3.36km from the CBD, Parap is one of Darwin (C) localities in the postcode 0820.
At number 1535th in the list of Australian suburbs ordered by increase in median house value over the last year, Parap, 0820 is in the BOTTOM 10% with a property value increase of -22.88% recorded in median house prices.
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Parap has fallen somewhat when compared to the 5 year average annual rate.
On average over the past year, suburb has had 1.92 sales per month, which equates to 23 per year.
Parap, 0820’s gross rental yield is 7.59%
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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.”