If you compare the increase in value of investment property in Mayfield, 2304 to the rest of Australia, it performed around average. The median increase in value, or capital gain property investors experienced for this NSW suburb was 0.86%.
Mayfield,2304 has offered an average of 0.86% return per annum in house price rises to property investors over the last three years.
Property investors looking for a bargain in Mayfield should be aiming for at least -6.68% off the asking price, which is the average vendor discount being achieved at the moment.
Using the current median advertised rental of $435 and the average annual increase in value of a median property of 7.57%, investors should hope to achieve an overall return of 3.88%
Investment property in Mayfield has done poorly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of -14.85%
Over the longer term, Mayfield has seen property prices show investors a 13.11% return over the last 3 years. This is worse than over the last 12 months
With the median price for a house in Mayfield being $415250 and the advertised rent reaching $370 the gross rental yield for property investors calculates out to be 4.60%
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Convenience boosts unit values
Median unit price: $451,250
Three-year growth: 18.8%
Rental yield: 4.4%
A north western suburb of Newcastle, Mayfield – which was initially named after Ada May, a daughter of local landowner John Scholey – is located around 6km from the centre of town. Property prices have increased on the back of a growing village atmosphere that has seen coffee shops, restaurants and shops proliferate.
With a train station, parks and shops and other amenities all located within a couple of minutes walking distance, and the beach around 15 minutes drive away, local residents have access to everything they need. Townhouses and units are affordably priced, with stock ranging from established, period-style townhomes through to more modern duplexes.
Landlords could expect a rental return of around $330-$350 per week for an older style apartment, through to $500-plus for more modern dwellings, so the opportunity for a strong return abounds.