Investment property in Parap has done not badly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of 7.84%
The five-year average increase in median property values for Parap,0820 has given property investors a potential capital gain of -15.00% across each of those five years.
Parap is 46th on a list of best yielding suburbs for rents in NT with a 4.68% return
Over the last year, property investments in Parap, 0820 have given investors a capital gain of -21.69%. This compares very badly with the -8.18% for NT as a whole.
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.
In the last year 23 properties changed hands in Parap, which puts it as the 8th most active market in NT when comparing the number of sales per suburb.
Using the current median advertised rental of $450 and the average annual increase in value of a median property of 4.25%, investors should hope to achieve an overall return of 7.20%
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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.”