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
