Parap, 0820 ranked 7th 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
Parap,0820 was ranked 1066 in Australia by increase in median property value over the quarter.
On average over the past year, suburb has had 1.08 sales per month, which equates to 13 per year.
Advertised rents are around the $627.5 mark per week – giving a return of 4.41% based on the median price in Suburb
Parap has had a pretty average year for property investment returns compared to the rest of NT, giving investors a capital gain of -8.68% to date .
Parap,0820 was ranked 1504 in Australia by increase in median property value over the quarter.
Advertised rents are around the $400 mark per week – giving a return of 8.32% 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.”