Investment property in Parap has done around average for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of -1.03%
The five-year average increase in median property values for Parap,0820 has given property investors a potential capital gain of -11.41% across each of those five years.
Parap, 0820’s gross rental yield is 4.69%
With a capital gain of -24.64% for the last 12 months, Parap, 0820 has performed for property investments than its average annual 0.02% property growth over the last 5 years.
While Parap,0820 ranked number 12th in NT for increase in median house value (annualised) increase, it is ranked 16th over the last 5 years.
Residents and property investors in Parap have been waiting around 99.4 days to sell a property.
Situated 3.10km from the CBD, Parap is one of Darwin (C) localities in the postcode 0820.
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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.”