Over the last year, property investments in Bakewell, 0832 have given investors a capital gain of 13.75%. This compares very favourably with the 3.80% for NT as a whole.
While Bakewell,0832 ranked number 5th in NT for increase in median house value (annualised) increase, it is ranked 23th over the last 5 years.
With the median price for a house in Bakewell being $442500 and the advertised rent reaching $392.5 the gross rental yield for property investors calculates out to be 4.61%
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Property stock drops
Median unit price: $264,000
Stock on market: -40.0%
12-month growth: -9.3%
A suburb of Palmerston’s inner city that is just about 3km from the CBD, Bakewell is home to several beautiful public parks, with the largest being situated on the border between Gunn in the north and Bakewell. It contains a playground and manmade ponds for kids to enjoy.
Buscall Avenue is Bakewell’s northern boundary, while Lambrick Avenue makes up the southern and eastern borders. Chung Wah Terrace sits to the west of the suburb.
The Bakewell market has not fared too well, with the Top End failing to stabilise the economy. However, the falling supply of property could help tighten things – the low median unit price of just over $250,000 could inspire some demand as apartment stock plummeted from 32 to 18 in the year to September 2018, contributing to the 40% overall stock in market decline.