Purchased: $900,000
Potential Rent: $650.000
Yield: 3.75%
A lovely young family came to us looking for their first family home. They needed guidance on location, price and negotiation. As first home buyers, they didn’t want to make an expensive mistake. After seeing homes in numerous locations, they decided upon this beautiful family home that they can grow into.
Contact Property Solutions 101. Discuss your Newcastle commercial and residential property management and buyer’s agent needs.
Suburb Snapshot: Elermore Vale
Elermore Vale is a suburb on the western outskirts of Newcastle. Before becoming a residential suburb in the 1900s, the area was used for chicken farming, cattle farming, and coal mining. It is 13km from Newcastle CBD. It’s popular with young families and first home buyers due to its price point, schools, amenities and access to arterial roads.
Elermore Vale is approximately 4.8 square kilometres. It has 20 parks covering nearly 6.8% of total area. The population of Elermore Vale in 2011 was 5,186 people. By 2016 the population was 5,516 showing a population growth of 6.4% in the area during that time. The predominant age group in Elermore Vale is 0-9 years. Households in Elermore Vale are primarily couples with children and are likely to be repaying $1800 – $2399 per month on mortgage repayments. In general, people in Elermore Vale work in a professional occupation. In 2011, 69.5% of the homes in Elermore Vale were owner-occupied compared with 70.3% in 2016.
Currently the median sales price of houses in the area is $816,000.
Houses in Elermore Vale rent out, on average, for $550 PW with an annual rental yield of 3.9% and units rent for $505 PW with a rental yield of 4.5%.
Based on five years of sales, Elermore Vale has seen a compound growth rate of 35.0% for houses and 14.8% for units.
Contact Property Solutions 101. Discuss your Newcastle commercial and residential property management and buyer’s agent needs.
