Parkes is a settled mid-to-large suburb in New South Wales within the Parkes local government area (postcode 2870). With a population of 11,324, the suburb has an established demographic with a median age of 39. Households earn a median income of $73K per year, with an average household size of 2.4 people. Recent annual estimates show population movement staying broadly stable across the broader catchment, with population growth running at -0.4% year-on-year at the LGA level. NSW employment has moved +0.3% year-on-year in the official Jobs and Skills Australia NERO series, which provides the broader jobs backdrop for this suburb. NSW also had 37 Commonwealth-backed major projects under construction, 5 underway, and 75 in planning as at 2 October 2024, which is useful as a broader delivery backdrop rather than a suburb-specific project count. The most common occupations are professionals, technicians & trades, managers. Employment in the area leans toward healthcare and retail trade. The top ancestries reported are Australian, English, Aboriginal Australian.
Median house prices in Parkes stand at $460,000, having risen modestly by 1.1% over the last twelve months. Units have a median price of $499,000 (+51.2% YoY). The current median weekly rent is $425. This gives a gross rental yield of approximately 4.8%. The median monthly mortgage repayment is $1,300.
Parkes is served by 6 schools, including 4 primary, 1 secondary, 1 combined. The average ICSEA score is 939, which is below the national average of 1,000. Public transport access includes 4 rail stations, 436 bus stops. Healthcare facilities include 1 public hospital. The crime rate in the Parkes LGA is moderate at 6,061 incidents per 100,000 population.
From an investment perspective, Parkes shows a gross rental yield of approximately 4.8%, rated as moderate yield. Property prices sit below the state median ($460K/$1.5M), which can point to relative value. The price-to-income ratio of 6.3x is considered moderate. House prices have moved +1.1% year-on-year. Population growth of -0.4% year-on-year points to declining demand fundamentals. Building approvals have changed +0% year-on-year, indicating steady development activity.