Parap, 0820 ranked 22th in NT when comparing growth in median property values or capital gain over the last 12 months. Parap is one of 124 in our list for NT
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.
Using the current median advertised rental of $650 and the average annual increase in value of a median property of 1.13%, investors should hope to achieve an overall return of 4.73%
Property investors who have had real estate in Parap, 0820 should be unhappy with this NT suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices decrease in value by -27.00%
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.
With the median price for a house in Parap being $273750 and the advertised rent reaching $450 the gross rental yield for property investors calculates out to be 8.55%
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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.”