Bought: $955,000
Potential Rent: $650pw
Potential Yield: 3.5%
A family was moving up from Melbourne and wanted a home in an area that had easy access to a handful of chosen schools. As they were not local, we spent a lot of time showing them areas that we thought would be suitable. After inspecting many homes, they decided upon this gorgeous house in Garden suburb.
Contact Property Solutions 101. Discuss your Newcastle commercial and residential property management and buyer’s agent needs.
Suburb Snapshot: Garden Suburb
Garden Suburb is a small community 12km south-west of the Newcastle CBD. It is popular with families due to its central location and its well regarded primary school.
Garden Suburb is approximately 1.7 square kilometres. It has 2 parks covering nearly 3.6% of total area. The population of Garden Suburb in 2016 was 1,921. The predominant age group in Garden Suburb is 10-19 years. Households in Garden Suburb are primarily couples with children and are likely to be repaying $1800 – $2399 per month on mortgage repayments. In general, people in Garden Suburb work in a professional occupation. In 2011, 86.7% of the homes in Garden Suburb were owner occupied compared with 88.5% in 2016.
Currently the median sales price of houses in the area is $945,000.
Based on five years of sales, Garden Suburb has seen a compound growth rate of 14.4% for houses.
Contact Property Solutions 101. Discuss your Newcastle commercial and residential property management and buyer’s agent needs.