NSW has seen average median house prices change by 7.77% which means that Mayfield, 2304 has done well for property investors by showing a capital gain of 5.79% over the last year
Mayfield,2304 was ranked 1298 in Australia by increase in median property value over the quarter.
At number 547th of NSW’s most discounted properties, Mayfield is in the TOP 30% of the state/territory when listing in order of most discounted to least.
At number 275 in a list of fastest selling suburbs, Mayfield is in the TOP 10% of suburbs in Australia with an average of days on market 37.7398 for properties listed there.
Mayfield, 2304’s gross rental yield is 3.82%
Property investors who have had real estate in Mayfield, 2304 should be relatively unhappy with this NSW suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices decrease in value by -2.17%
The five-year average increase in median property values for Mayfield,2304 has given property investors a potential capital gain of 18.42% across each of those five years.
At number 731 in a list of fastest selling suburbs, Mayfield is just in the bottom half of suburbs in Australia with an average of days on market 72.5714 for properties listed there.
Using the current median advertised rental of $385 and the average annual increase in value of a median property of 5.98%, investors should hope to achieve an overall return of 4.45%
Information supplied by:
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.