Question 1

Is Parap a nice place to live?

Accepted Answer

Parap is an inner northern Darwin suburb with a village feel centred on the Parap Village Markets and a lively strip of cafés, bars and independent shops along Parap Road and Smith Street. Tree-lined streets and a mix of early 20th century cottages, low-rise apartments and newer townhouses create a low-rise residential character, and residents have straightforward connections to the city, the waterfront and coastal recreation areas via regular bus services and arterial roads.

About 2,819 people live in Parap and the median age is 36. The community is weighted towards couple families, who together make up more than eight in ten families, and most homes are rented, with renters accounting for 63.0% of dwellings. Local investment includes a confirmed preschool upgrade at Parap Primary School and recreation works centred on Parap Pool, a World Aquatics-compliant 50m competition pool that has been considered for an Olympic and Paralympic training facility. Parap will suit people who want local conveniences and weekend markets close to home while remaining near Darwin’s business and leisure precincts; whether that fits you depends on what you value in a suburb.

Question 2

Is it expensive to live in Parap?

Accepted Answer

Rents in Parap take a sizeable slice of what a typical local household was earning as recorded at the most recent Census. A house rent of $875 a week is about 39.2% of that weekly household income, a sizeable share, while a unit rent of $625 a week is about 28.0% of the same income, a moderate share. If you're renting rather than buying, those rent shares are the most relevant numbers to consider.

The median unit price of $450,000 works out to about 3.9 times a typical local household's annual income at the last Census, which is relatively affordable against local incomes. Whether these figures feel expensive will depend on your own income and circumstances.

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 Parap a good place to invest?

Accepted Answer

House values in Parap climbed a strong 17.4% over the past 12 months, while unit values rose a solid 6.2%. On the income side, house rents increased 5.4% and unit rents were up 4.2% over the same period. That means house capital growth this year outpaced the rent gains, and houses also outperformed units on both value and rent growth.

If you are weighing Parap as an investment, the value figures point to where most of the movement has been this year and the rent figures show how rental income changed. Which of those matters more to you depends on your 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	N/A	$450K
Change in value Past 12 months	17.4%	6.2%
Sold Past 3 months	5	35
Median days on market Past 12 months	83	63
Average rent Past 12 months	$875	$625
Change in rent Past 12 months	5.4%	4.2%

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