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 2.07%
Advertised rents are around the $630 mark per week – giving a return of 4.43% based on the median price in Suburb
Investment property in Parap has done poorly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of -21.80%
Taking the average capital gain, or increase in median house value, Parap,0820 has racked up an average of -21.80% over the period. This ranks it number 1534th in the whole country for real estate investors looking at median house price increases.
Sellers are offering property buyers an average discount of -10.17% to buyers in Parap at the moment, which is less than average for the rest of NT.
Advertised rents are around the $440 mark per week – giving a return of 8.80% 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.”