Bought prior to Auction: $700,000
Potential Rent: $500pw
Potential Yield: 3.7%
A client came to us looking for a home in Newcastle as his son lives here with his mother. He had a limited budget and wanted to be close to his son’s school. He loved this house, however, the agent said it was too late to purchase it. We weaved our magic for our client and bought it for him, right on budget.
Suburb Snapshot: Wallsend
Wallsend is a western suburb of Newcastle, 11 kilometres from Newcastle’s central business district. It is increasingly popular with young buyers as they are being priced out of inner-city suburbs. It features a host of amenities including shops, pubs, schools, a public swimming centre and library.
Wallsend is approximately 13.5 square kilometres. It has 28 parks covering nearly 13% of
total area. The population of Wallsend in 2011 was 12,308 people. By 2016 the population was 12,458 showing a population growth of 1.2% in the area during that time. The predominant age group in Wallsend is 20-29 years. Households in Wallsend are primarily childless couples and are likely to be repaying $1800 – $2399 per month on mortgage repayments. In general, people in Wallsend work in a professional occupation. In 2011, 65.5% of the homes in Wallsend were owner-occupied compared with 61.2% in 2016.
Currently the median sales price of houses in the area is $720,000.
On average, houses in Wallsend rent out for $500 PW with an annual rental yield of 3.8% and units rent for $470 PW with a rental yield of 4.4%.
Based on five years of sales, Wallsend has seen a compound growth rate of 11.9% for houses and 17.6% for units.
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