Purchased: $591,000
Potential Rent: $480 p/w
Potential Yield: 4.2%
Our returned client came to us looking to purchase a unit, townhouse or villa as an investment property with a budget of $600,000. We viewed this fantastic renovated two bedroom townhouse, one block from Mayfield Shopping precinct prior to it going live to the market and were able to snap it up at the first open home.
Contact Property Solutions 101. Discuss your Newcastle commercial and residential property management and buyer’s agent needs.
Suburb Snapshot: Mayfield
Mayfield is 6km north west of the Newcastle CBD, it is the most culturally diverse suburb in Newcastle and home to over 14,000 residents from all over the world. Traditionally a working class suburb, it has had a surge in popularity in recent years due to its proximity to the city and the excellent amenities.
Mayfield is approximately 3.2 square kilometres. In 2016 the population was 9,301. The predominant age group in Mayfield is 20- 29 years. Households in Mayfield are primarily childless couples and are likely to be repaying $1800 – $2399 per month on mortgage repayments. In general, people in Mayfield work in a professional occupation. In 2011, 58.3% of the homes in Mayfield were owner-occupied compared with 55% in 2016.
Currently the median sales price of houses in the area is $830,000.
Houses in Mayfield rent out for $360 PW with an annual rental yield of 5.6%.
Based on five years of sales, Mayfield has seen a compound growth rate of 41.5% for houses.
Contact Property Solutions 101. Discuss your Newcastle commercial and residential property management and buyer’s agent needs.
