83 May Street, Parap NT 0820
83 May Street, Parap NT 0820
Modern 2012-built family house | 4/2/2 on 515 m² | strong rental demand estimated at $1,000–$1,100 weekly | sewerage easement on title | compact land for Parap.
This house offers a contemporary family floor plan with four bedrooms and two living-friendly bathrooms, constructed in 2012, which places it among the newer homes in Parap’s housing stock. The 515 m² block is efficient rather than expansive, appealing to buyers who prioritise low-maintenance living over large yard space. Its rental estimate is notably robust, reflecting strong demand from families and professionals seeking modern, detached housing close to the city, schools, and coastal amenities. The property is best suited to an owner-occupier family or an investor targeting reliable, high-yield tenancy, given the modern build and practical configuration.
The sewerage easement to Power and Water Corporation may slightly constrain future extensions or landscaping options, though it is a common title feature in established suburbs and rarely impacts everyday use. The compact land size compared to neighbouring family homes might limit appeal for buyers seeking substantial outdoor space, but it also reduces upkeep and could support a lower entry price into Parap’s premium family market. Council rates around $2,403 annually are moderate for the area, and the 2022 sale history suggests recent market activity has already been tested. Buyers should weigh the balance between modern efficiency and land scarcity when forming a price view.
Detailed Independent Property Report prepared by PropCred Analyst team for 83 May Street, Parap NT 0820
Checks found:
Value Risk
2
Liquidity Risk
Planning Risk
1
Income Risk
1
Execution Risk
2
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Market Insight
Parap’s median house price sits at $800,000, up just 1.0% annually, underperforming the Northern Territory’s 5.89% growth to a $595,106 median. Darwin units have strengthened more decisively, rising 12.7% to $410,000. Demand is concentrated among interstate investors attracted to 6.5% gross yields, local buyers with strong savings, and first home buyers using the $10,000 NT grant. Supply is acutely tight: vacancy is 0.7% and Darwin listings have fallen 48% year-on-year to ~604. Parap recorded 27 house sales over 12 months, reflecting limited turnover. Rents are firm at a $650 weekly median, up 4%. The Barossa gas project and defence spending support confidence, though major banks forecast slower NT-wide growth (CBA 5%, NAB 3.7%, ANZ 2.4%). Insurance premiums and investor lending conditions remain downside risk.
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PropCred Estimated Value
Comparable Sales: 78 May Street sold near $958,000; 20 May Street guided around $1.3M | Property Price Band: $1.1M–$1.2M | Value Drivers: modern 2012 build, strong rental yield potential, compact but manageable land size.
Bedrooms
4
Bathroom
2
Parking
2
Land
518m²
Research & Review
Prepared by Steve Dalton, Senior Analyst
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Reviewed by Matt Proctor, Principal Analyst
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