Parap

POSTAL CODE: NT, 820

HOUSE

UNIT

A steady increase in median property prices over a five-year period in the suburb translates to a -3.61% capital gain.

It also delivered a weaker performance in contrast to other Australian suburbs in terms of appreciation of property value.Investors saw the median home price rise to $800,000

The augmented property values in the suburb are trailing behind the territorial average of 7.38% in 2016.

On the other hand, based on current median home prices for the suburb, Real estate investors could earn a rental income of $660.

Home owners selling their properties and realtors in PARAP usually have to wait an average of N/A days before their assets are lifted off the market.

The NT suburb ranks 50th on the list of best yielding suburbs for rental properties in NT, posting a 4.29% return.

It also places places th 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 -1.68% decrease over a ten-year period. It ranks 1988th on our list of suburbs that property investors should look into.

PARAP, 820 has a capital gain of -7.14% for the past year, which is lower than average compared to its 11.43% growth within a five-year period.

With the median home price in PARAP sitting at $390,000, and the average rent at $620, property owners could potentially earn a 8.27% increase in gross rental yield.

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.

Surburb overview

"Parap is a lively and culturally diverse suburb located in the City of Darwin, offering residents a unique blend of heritage, art and convenience. Nestled just outside the central business district (CBD) of Darwin, Parap provides a distinctive suburban lifestyle with access to essential amenities and a strong sense of community.

Parap is conveniently situated only about 4 kilometres to the northeast of Darwin’s CBD. This close proximity allows residents to easily access the city’s amenities while enjoying the charm of suburban living.

With a population of around 3,000 residents, Parap is a diverse and culturally rich community. The suburb attracts a mix of families, professionals, artists and individuals, creating a harmonious blend of cultures and backgrounds.

Parap enjoys efficient public transportation connectivity, with regular bus services linking it to Darwin’s CBD and neighbouring suburbs. This makes commuting and exploring the city convenient for residents.

The suburb is well-equipped with essential amenities. Families with children have access to quality education through institutions like Parap Primary School and nearby Stuart Park Primary School. The Parap Village Shopping Centre has a variety of retail shops, dining options and a bustling market every Saturday.

Parap presents a diverse range of recreational opportunities. The iconic Parap Markets are a must-visit, featuring local arts, crafts and delicious food. The nearby Parap Swimming Pool is a great place for swimming and relaxation. The suburb’s proximity to Mindil Beach allows residents to enjoy the famous Mindil Beach Sunset Market and beachside activities.

Parap offers a unique blend of culture, convenience and community. Its diverse and vibrant community, educational institutions and proximity to Darwin’s CBD make it an appealing choice for individuals and families seeking a culturally rich yet well-connected place to call home in the territory. "

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Data report can be found below

Key Property Date Report	HOUSE	UNIT
Median Price	$800,000	$390,000
Growth Report
Median Quarterly	0%	-6.87%
Median 12 month	1.01%	-7.14%
Median 3 years	-3.61%	-2.99%
Median 5 years	19.4%	11.43%
10 years average annual	-0.1%	-1.68%
Weekly media advert. rent	$660	$620
Time on Market	N/A	73.9 days
Gross Rental Yield Percent	4.29%	8.27%

Demographics (Median Values)*

Total Population 19447

Weekly Household Income 2341

Household Size 2.40

Average Age 34

Monthly Loan Repayment 2321

* Australian Bureau of Statistics (May 2021) 2016 Census DataPacks[https://datapacks.censusdata.abs.gov.au/datapacks/],ABS Website, accessed 2016.

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