Suburb Profile Report for Parap NT (0820)

Parap House: Median price $720,000, Annual capital growth 1.03%, Number of sales 12, Weekly median advertised rent $630

Parap Unit: Median price $265,000, Annual capital growth -2.28%, Number of sales 31, Weekly median advertised rent $435

  • House
  • Unit
Source: CoreLogic RP Data
  • Median price
  • Number of sales

Source: Monthly data update for Jun 2020 as supplied by CoreLogic. Data is reported to the period ending Mar 2020. Please note that property sales data is routinely updated, so may change retrospectively.

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  • House Report
  • Unit Report

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.”

Metrics i HOUSE UNIT
$720,000 $265,000
-2.70% -1.85%
-0.35% -16.40%
1.03% -2.28%
$630 $435
12 31
4.55% 8.54%
N/A 118.785714285714

Source: Monthly data update for Jun 2020 as supplied by CoreLogic. Data is reported to the period ending Mar 2020. Please note that property sales data is routinely updated, so may change retrospectively.

DSR Score for property investment : Balanced (H), Below average (U)
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Demographics
Total population 1975
Median household income ($/weekly) 2082
Median age of persons 35
Median housing loan repayment ($/monthly) 2383
Average household size 2.5
  • Census Count Percent(%)
    5-14 years 228 11.5
    25-34 years 375 19.0
    35-44 years 385 19.5
    45-54 years 264 13.4
    55-64 years 238 12.0
    Others 486 24.6
    Age Group
    Census Count Percent(%)
    Not Married 607 44.2
    Registered Married 561 40.9
    Defacto Relationship 204 14.9
    Social Marital Status
  • Census Count Percent(%)
    Australia 1327 74.3
    Papua New Guinea 39 2.2
    Philippines 48 2.7
    United Kingdom 104 5.8
    Other 79 4.4
    Others 188 10.5
    Country of Birth
    Census Count Percent(%)
    Buddhism 40 2.4
    Christianity 1007 59.6
    Hinduism 21 1.2
    Islam 15 0.9
    No Religion 599 35.5
    Others 7 0.4
    Religious Affiliation
  • Census Count Percent(%)
    $1,500-$1,999 92 14.9
    $2,000-$2,499 79 12.8
    $2,500-$2,999 87 14.1
    $3,000-$3,499 61 9.9
    $4,000 or more 58 9.4
    Others 242 39.1
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Employed, worked full-time 830 57.6
    Not in the labour force 281 19.5
    Employed, worked part-time 236 16.4
    Employed, away from work 68 4.7
    Unemployed, looking for work 27 1.9
    Person Characteristics
  • Census Count Percent(%)
    Managers 221 19.4
    Professionals 303 26.6
    Technicians & trades workers 155 13.6
    Community & personal service workers 92 8.1
    Clerical & administrative workers 181 15.9
    Others 188 16.5
    Occupation
    Census Count Percent(%)
    Pre-school 25 6.4
    Infants/Primary 146 37.3
    Secondary 103 26.3
    Technical or Further Educational Institution 24 6.1
    University or other Tertiary Institutions 79 20.2
    Others 14 3.6
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 945 53.9
    Flat, unit or apartment 616 35.1
    Semi-detached, row or terrace house, townhouse 143 8.2
    Improvised home, tent, sleepers out 46 2.6
    House or flat attached to a shop, office 3 0.2
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Rented 360 52.2
    Being purchased 200 29.0
    Fully owned 126 18.3
    Other tenure type 3 0.4
    Tenure Type
Census 2011, ABS
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