Suburb: Redhead

Purchase Year: 2018 – 3 years 11 months from date of report

Purchase Price: $1,060,000

Current Desk Top Valuation: $1,900,000

A lovely family came to us desperate to get into Redhead, They wanted to be close to the beach as they had young children and he was a surfer.

They were struggling to get into the market and were finding it challenging dealing with some agents.

We were able to identify the most suitable streets for their needs. They work from home and some parts of Redhead lack adequate phone and internet reception.

We purchased this great home, under budget, in a great location, across from bush and moments to the beach.

Disclaimer: For the current valuation, we used Corelogic Intellival Automated Valuation estimated price.

Suburb Snapshot: Redhead

Redhead is a coastal suburb of the City of Lake Macquarie, Greater Newcastle, 16 kilometres south of Newcastle’s central business district on the Pacific Ocean. It was named for the appearance of its headland, Redhead Bluff, when viewed from the sea.

It is a highly desirable suburb due to its kilometres of pristine beaches and community atmosphere.

Redhead is approximately 3.4 square kilometres. It has 7 parks covering nearly 8.3% of total area. The population of Redhead in 2011 was 3,453 people. By 2016 the population was 3,530 showing a population growth of 2.2% in the area during that time. The predominant age group in Redhead is 40-49 years. Households in Redhead are primarily couples with children and are likely to be repaying $1800 – $2399 per month on mortgage repayments. In general, people in Redhead work in a professional occupation. In 2016 80.7% of the homes in Redhead were owner-occupied.

Currently the median sales price of houses in the area is $1,580,000.

Houses in Redhead rent out, on average, for $700 PW with an annual rental yield of 2.4%.

Based on five years of sales, Redhead has seen a compound growth rate of 28.5% for houses.

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