At number 3206th in the list of Australian suburbs ordered by increase in median house value over the last year, Wattle Park, 5066 is in the BOTTOM 30% with a property value increase of -1.22% recorded in median house prices.
A 14.08% growth in median value for property investors in Wattle Park,5066 puts this suburb at number 307th in terms of best performing suburbs in SA
Our latest figures would indicate that property sellers in Wattle Park are currently offering property investors an average price cut of -6.02% below the asking price at the moment.
In the last year 43 properties changed hands in Wattle Park, which puts it as the 231th most active market in SA when comparing the number of sales per suburb.
Using the current median advertised rental of $577.5 and the average annual increase in value of a median property of 2.96%, investors should hope to achieve an overall return of 3.71%
Wattle Park sits around 8km directly east of the Adelaide CBD, in between Rosslyn Park and Skye, and it’s something of a prestige location, notes Herron Todd White South Australia director Jarrod Harper.Full summary
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Wattle Park sits around 8km directly east of the Adelaide CBD, in between Rosslyn Park and Skye, and it’s something of a prestige location, notes Herron Todd White South Australia director Jarrod Harper.
“This is a semi foothills location with 1960s and 1970s homes of good proportions. There are views from many houses, and the distance to Adelaide's top schools and prestige inner eastern shopping is minimal,” he says.
He admits that the median price for houses here (over $700,000 according to RP Data) will put off most investors, but notes that – for those that can afford it – now’s a good time to buy below median priced property.
“The median house price in the area will be falling at the moment so now is a good time to buy and hold in the area. Houses are often over $750,000 in price, but the lower end in the locality is the one to watch,” he explains.
Poor rental yields will also cause many investors to gulp, so if serviceability is an issue then this is perhaps a market to steer clear of until its price correction brings yields up to a more palatable level.