A 5% increase in median property prices in PARAP, 820 has allowed this suburb to join the ranks of best performing suburbs in NT, settling at number 7th.
It also delivered a stronger performance in contrast to other Australian suburbs in terms of appreciation of property value.Investors saw the median home price rise to $735,000
The augmented property values in the suburb are trailing above the territorial average of -4.35% in 2016.
On the other hand, based on current median home prices for the suburb, Real estate investors could earn a rental income of $650.
Home owners selling their properties and realtors in PARAP usually have to wait an average of 77.0 days days before their assets are lifted off the market.
The NT suburb ranks 45th on the list of best yielding suburbs for rental properties in NT, posting a 4.6% return.
It also places places 16th in Australia based on median property value growth during the quarter.
A survey of average capital gains or median home price increase in suburbs across the country shows that PARAP, 820 obtained a 7.61% growth over a ten-year period. It ranks 210th on our list of suburbs that property investors should look into.
PARAP, 820 has a capital gain of -16.56% for the past year, which is lower than average compared to its -4.91% growth within a five-year period.
With the median home price in PARAP sitting at $340,000, and the average rent at $430, property owners could potentially earn a 6.58% increase in gross rental yield.
A -16.56% increase in median property prices in PARAP, 820 has allowed this suburb to join the ranks of best performing suburbs in NT, settling at number 14th.
Figures from the previous quarter show that capital gains for real estate buyers in PARAP are low, as opposed to average gains per annum over the past five years.
PARAP, 820 in NT belongs to the local government area of Darwin.