Located in Rapid Creek, one of Darwin’s sought-after locations, this 3 bedroom, 1 bathroom apartment, set just 250 metres from the Nightcliff foreshore, is for sale at $274,000. It was initially for sale in June 2019 via auction and last sold for $115,200 in September 1999.
The apartment features a practical floor-plan with open-plan living areas, kitchen with ample storage, 3 bedrooms with robes, split-system air conditioning, spacious undercover courtyard and 2 car spaces.
The home’s location appeal is huge – only one street back from the Nightcliff foreshore, the property has access to all the foreshore amenities and is close to schools, markets, leisure, cafe's, foreshore food vans and stalls, festivals and the beautiful blue waters are virtually at your door step. It is also a short distance to Darwin Private & Public Hospitals, Charles Darwin University, Casuarina Shopping Centre, Darwin Airport and more.
Back in 2011 to 2015 the units in this block were commanding sale prices in the $400,000s however Asking prices for units have declined and currently range from $250k to $300k. Unit 5 in this block sold for $290k in March 2020.
Asking prices for 3-bedroom houses in postcode 0810 have increased by 1.2% over the month and 13.5% over the quarter however unit prices have declined 4.4% over the month after a 5.8% decline over the last 12 months. In comparison, Darwin’s asking prices for units have increased 7.3% over the month and houses increased by 0.2%.
Investors will be glad to know this property has been an investment property and is currently leased at $330 per week with a lease expiry in September 2022.
Whilst Asking Rents have increased by 5.6% for houses in this postcode, units have declined by 2.1%. Vacancy Rates have had a minor increase from 2.2% in March to 2.3% in April. Property listings have been increasing from 189 in February to 233 properties listed in May. New listings however have declined from 37 in February to 25 new listings in May. With less new listings, the market in this area could be competitive due to a lack of choice.
This property can provide value-for-money for investors as a Gross rental yield of 5.5% for units and 4.2% for houses can be achieved.
It is a versatile home that will appeal to all ages regardless of whether you are a first home owner, downsizer, senior, single, couple, family or astute investor. The vendor is motivated to sell.
Now could be a good time to investigate this market with SQM Research’s free property data. Also consider the SQM Property Explorer product for more in-depth data and property price estimator.
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