Property investors who have had real estate in Driver, 0830 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 -13.58%
Over the longer term, Driver has seen property prices show investors a -22.22% return over the last 3 years. This is an improvement over the last 12 months
Sellers are offering property buyers an average discount of -7.74% to buyers in Driver at the moment, which is less than average for the rest of NT.
Using the current median advertised rental of $400 and the average annual increase in value of a median property of -1.78%, investors should hope to achieve an overall return of 5.94%
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Young suburb still going downhill
Median unit price: $185,000
Three-year growth: -42.2%
Rental yield: 9.0%
Named for the appointed Administrator of the Northern Territory in 1946, the suburb of Driver is a fairly young suburb, being mainly populated with 1980s developments.
It is located in the inner city area of Palmerston, which is a satellite town around 30 minutes from Darwin. It has been popular with residents, thanks to its peaceful and community-friendly vibe. Driver is also a highly convenient suburb, with many schools within walking distance. The presence of several parks in the suburb, including a dog park with an obstacle course, facilitates activity. Shopping areas are in the vicinity, and Darwin is only a short drive away.
Driver continues to struggle with the Top End’s falling market as unit prices dropped by 14% in the January 2018-2019 period. The median value stands at under $200,000. Investors can gain a 9% return on rentals on average off a weekly rent rate of $320.