Super cheap suburbs set to surge

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Looking for a property below $290,000? We show you markets where property prices are extremely affordable and have an added benefit: the potential for strong and immediate capital growth

 WEMBLEY, WA

Median price: $262,375

One only needs to look at the stark differences in median prices between Wembley units and houses to get a sniff of the opportunity. Four kilometres from the Perth CBD, houses are median priced at roughly $850,000 – units at only $260,000-odd. This is when units show average annual growth of 13.7%, with yields of just below 7%. Vacancies are almost non-existent at 0.62%.

Ben Kingsley, founding director of Empower Wealth, believes that Perth’s inner north-west, incorporating Daglish, West Perth, Shenton Park, West Leederville, Subiaco and Wembley, is going to see very good growth in the months and years ahead because of the lifestyle this area offers.

“[It’s] one of the areas to be seen in Perth and the lifestyle drivers of sophisticated living, driven by higher than average disposable incomes and high demand for rental accommodation, will see yields remain strong,” he says.

  • Average vendor discount: 6.6%
  • Auction clearance rate:  100%
  • Proportion of renters: 37.6%
  • Vacancy rate: 0.62%
  • Rental yield: 6.96%
  • Percentage of properties on the market: 0.44%
  • Average period properties are on the market:  116 days

MORE CHEAP SUBURBS ON THE UP

Miners Rest, Vic

  • Median price: $289,500
  • Average vendor discount: 6.1%
  • Auction clearance rate:  100%
  • Proportion of renters: 8.8%
  • Vacancy rate: 1.08%
  • Rental yield: 5.4%
  • Percentage of properties on the market: 2.36%
  • Average period properties are on the market:  89 days

 

Lakemba, NSW

  • Median price: $285,000
  • Average vendor discount: 7%
  • Auction clearance rate: 90%
  • Proportion of renters: 51%
  • Vacancy rate: 1.23%
  • Rental yield: 6.05%
  • Percentage of properties on the market: 0.64%
  • Average period properties are on the market: 70 days

 

Wiley Park, NSW

  • Median price: $278,500
  • Average vendor discount: 6.7%
  • Auction clearance rate:  100%
  • Proportion of renters: 25%
  • Vacancy rate: 1.62%
  • Rental yield: 6.39%
  • Percentage of properties on the market: 0.84%
  • Average period properties are on the market:  60 days

 

Centenary Heights, QLD

  • Median price: $290,250
  • Average vendor discount: 5.80%
  • Auction clearance rate:  100.00%
  • Proportion of renters:  31.40%
  • Vacancy rate: 1.09%
  • Rental yield:  5.66%
  • Percentage of properties on the market: 0.81%
  • Average period properties are on the market:  82

 Source: DSRscore.com.au

Can you afford to buy in this suburb? Find out how much you can borrow

Top Suburbs : darlington , newcastle , north epping , east victoria park , nightcliff

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Comments
  • Lyn Hannie says on 30/10/2012 01:54:33 PM

    Would love your insight into what the Melbourne Bayside Suburbs are going to do eg. Highett

  • Mez says on 03/11/2012 05:35:42 PM

    What super cheap Units/Duplexes are set to surge in Melbourne's Bayside areas, and Gold Coast. Please don't say Frankston or Coomera

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