Investment property in Parap has done well for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of 48.70%
If we look at median property appreciation over just the last three months, Parap has given property investors a paper return of 36.80%. This puts Suburb as 1 on a list of fastest fasting appreciating suburbs in NT
The most recent median price for Parap is $342000, with sellers offering an average of -13.31% off the asking price.
On average over the past year, suburb has had 2.75 sales per month, which equates to 33 per year.
With the median price for a house in Parap being $342000 and the advertised rent reaching $420 the gross rental yield for property investors calculates out to be 6.39%
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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.”