Gray is in the bottom 30% in NT when comparing median price capital growth over the last year. Gray gave property investors a disappointing capital gain figure when compared to the rest of the state, with -6.79%.
While Gray,0830 ranked number 45th in NT for increase in median house value (annualised) increase, it is ranked 49th over the last 5 years.
State is the 2nd most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -7.51% offered to property buyers. Sellers in Gray itself are offering an average vendor discount of -8.74% to real estate investors.
Using the current median advertised rental of $410 and the average annual increase in value of a median property of -1.18%, investors should hope to achieve an overall return of 6.53%
Information supplied by:
Tenants creep back in
Median house price: $348,500
Vacancy rate: 2.4%
Three-year growth: -21.7%
Nestled in the inner city of Palmerston, the suburb of Gray is bordered by Temple Terrace, Chung Wah Terrace and Emery Avenue. It is just a stone’s throw from the CBD.
Rental demand has picked up slightly in the year to May 2019, with the average vacancy rate in the suburb falling from 2.5% to 2.4%.
Residents are served by many amenities, such as many shops, schools and a medical centre. Palmerston offers conveniences like a shopping centre, a sports complex and markets during the dry season. There are also schools like the Palmerston District Primary School.
The suburb is served by the number 71 bus, which can bring residents all the way to Darwin.