Parap, 0820 ranked 49th in NT when comparing growth in median property values or capital gain over the last 12 months. Parap is one of 124 in our list for NT
A -16.11% growth in median value for property investors in Parap,0820 puts this suburb at number 29th in terms of best performing suburbs in NT
Advertised rents are around the $550 mark per week – giving a return of 4.14% based on the median price in Suburb
With a capital gain of 36.80% for the last 12 months, Parap, 0820 has performed for property investments than its average annual 0.63% property growth over the last 5 years.
Over the longer term, Parap has seen property prices show investors a -8.80% return over the last 3 years. This is an improvement over the last 12 months
When looking to buy, or assessing what properties are really achieving at sale, it's essential for property investors to take into account what discounts are being offered in Parap, 0820. Typically our figures indicate that -8.19% is being offered, which puts this NT suburb at 16th most discounted overall in Australia.
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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.”