Question 1

Is Gray a nice place to live?

Accepted Answer

Gray is a residential suburb of Palmerston with a straightforward, family-oriented character, made up of established streets of modest single-storey homes and some newer infill townhouses. It sits close to Palmerston's shopping and community facilities, with neighbourhood parks, sporting fields and schools within easy reach. Local bus routes and road connections make travel to Palmerston and Darwin practical, and the tropical climate encourages outdoor living, so the suburb's practical layout and green pockets provide a quiet, convenient base for families and people working in the region.

Gray has 3,142 residents with a median age of 34 and a typical household weekly income of $1,479. Families are a prominent part of the mix, with couple families making up about two-thirds of families and one-parent households also well represented. Renting is the single most common tenure at 51.9% while owner-occupation is 48.2%. Recent local investment has delivered a redeveloped community hall and further improvements to the oval are planned. Whether Gray suits you will come down to what you are looking for in a suburb.

Question 2

Is it expensive to live in Gray?

Accepted Answer

On the figures for Gray, housing runs above what a typical local household earned at the last Census. A median house price of $600,000 is about 7.8 times a typical local annual household income at the last Census (weekly household income $1,479), which places buying a house well above local incomes. The median unit price of $380,000 is about 4.9 times a typical local annual household income, which is somewhat above local incomes. For renters, the average house rent of $600 a week would take roughly 40.6% of a typical local household's weekly income at the last Census, and the average unit rent of $540 a week would take about 36.5%.

Everyone's financial situation is different, so it's important to consider your own circumstances when deciding which suburb is right for you.

Question 3

Is Gray a good place to invest?

Accepted Answer

Over the past 12 months Gray has seen strong capital growth: median house values jumped 29.5% and median unit values rose 20.4%. Rents also rose, with unit rents up 14.9% and house rents up 9.1% over the same period.

For someone weighing Gray as an investment, the figures show price appreciation was the larger movement this year while rental income also strengthened. The faster rent growth for units and the larger capital gain for houses are the specific numbers an investor might want to weigh against their own goals and circumstances.

This information has been prepared without taking your objectives, needs and overall financial situation into account. It is not meant to be a substitute for professional financial advice. For this reason, you should consider the appropriateness of the information and, if necessary, seek appropriate professional advice.

	Houses	Units
Median price Past 3 months	$600K	$380K
Change in value Past 12 months	29.5%	20.4%
Sold Past 3 months	13	11
Median days on market Past 12 months	56	69
Average rent Past 12 months	$600	$540
Change in rent Past 12 months	9.1%	14.9%

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