Over the last year, property investments in Mayfield, 2304 have given investors a capital gain of -6.67%. This compares averagely with the -4.28% for NSW as a whole.
Across a shorter period, Mayfield, 2304 has seen a median price increase of -4.27% over the last quarter.
State is the 2nd most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -7.34% offered to property buyers. Sellers in Mayfield itself are offering an average vendor discount of -7.39% to real estate investors.
Renters in Suburb are facing rents around $22360 per annum or $430 every week.
Over the last year, property investments in Mayfield, 2304 have given investors a capital gain of -9.89%. This compares badly with the -3.83% for NSW as a whole.
Mayfield,2304 has offered an average of -9.89% return per annum in house price rises to property investors over the last three years.
Property investors should expect to get $390 weekly from the median priced house in this suburb.
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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.