3/89 Farrar Boulevard, Farrar NT 0830
3/89 Farrar Boulevard, Farrar NT 0830
Modern low-set unit | 2-car parking on 190m² | Below 2015 purchase price | Strong rental yield near 7% | No flood or bushfire overlay
This property presents a rare buying opportunity in a market where newer builds rarely trade below their original sale price. At an estimated value range of $395k–$400k—below the 2015 purchase of $415,000—the unit offers immediate equity potential for a buyer who negotiates carefully. The 190m² land component is generous for a unit, and the dual carport spaces add genuine utility in a suburban context. With a rental estimate of $490–$540 per week and a yield approaching 7%, this property suits an investor seeking positive cash flow, or a first-home buyer wanting low-maintenance living near Palmerston CBD, schools, and Gateway Shopping Centre. The 2015 build year and FTTP connection are supporting quality-of-life factors.
The primary risk is body corporate management and potential future levy increases, which should be confirmed through a review of meeting minutes and sinking fund status. The periodic tenancy at $540 per week via Affordable Housing may limit vacancy flexibility or rental growth in the short term. However, the absence of bushfire, flood, or heritage overlays reduces planning risk, and the location opposite parklands and near a ninja park adds lifestyle amenity that supports resale demand. For a buyer who can secure this property near the lower end of the value range, the combination of below-replacement-cost pricing, solid rental return, and no major overlay concerns makes this a defensible acquisition in the Palmerston market.
Detailed Independent Property Report prepared by PropCred Analyst team for 3/89 Farrar Boulevard, Farrar NT 0830
Checks found:
Value Risk
Liquidity Risk
1
Planning Risk
1
Income Risk
1
Execution Risk
2
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Market Insight
Farrar presents as an established family suburb with strong investor appeal, driven by its high proportion of family households and a significant rental population. Demand is anchored by these owner-occupiers and supported by a tight rental market with low vacancy. Recent price trends show robust capital appreciation, though growth metrics vary, within an active sales environment. Future performance is underpinned by ongoing demand from families, while key constraints include notably low housing supply and affordability considerations amid the current price range.
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PropCred Estimated Value
Bedrooms
2
Bathroom
1
Parking
2
Land
1.02 acres
Research & Review
Prepared by Steve Dalton, Senior Analyst
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Reviewed by Matt Proctor, Principal Analyst
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