Northern suburb unbeatable for convenience
COCONUT Grove is a classic Darwin suburb and one for buyers to keep a keen eye on.
Your Investment Property’s June market report showcased Coconut Grove as the suburb to watch for its extreme affordability and strong rental market performance.
In the 12 months up to February 2018, the report showed a 9 per cent decrease in unit and house prices.
Unit rentals also returned a strong average yield of 6.1 per cent.
Chanly Chin is selling her home in Coconut Grove.
She’s lived in the suburb for more than 15 years and said Coconut Grove’s location was its biggest asset.
“The area is very central, it’s in the middle of everything,” she said.
“It’s close to the airport, to town, close to Nightcliff and Rapid Creek markets.”
Mrs Chin said the area was also convenient for her mother who lives with her.
“There’s heaps of amenities close by,” she said.
“One of the things mum enjoys is the bus stop around the corner. It’s very convenient for her and if I do have to go away she’s free to walk around in the neighbourhood and to the shops.”
She said Coconut Grove was a popular investment area and was open to renting her home, with the added bonus of a stand-alone granny flat.
“You can get tenants easy because of the convenience,” she said.
Elders residential property consultant Derek Hart said there was good value in Coconut Grove.
“Every suburb has dropped but Coconut Grove not as much as other suburbs,” he said.
“There’s a whole scale of cheaper homes you can buy and do renovations or there’s bigger land already done up.”
He said there was a healthy ratio of investment properties and owner occupiers.
“There’s about 65 per cent owner occupiers and 35 per cent renting,” he said.
“If people can’t afford to buy they can rent in a good location not too far from work. They can go home and get out, see the sunset and just relax.”
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Coconut Grove is another of Darwin’s tightly held suburbs. Mr Hart said it was rare for many properties to come on the market at once.
“Driving around regularly, you don’t see much for sale at certain times for sure,” he said.
“They’ve always had steady inquiries come through when they are on the market though. Two or three years ago Nightcliff and Coconut Grove had the highest inquiry rates.”