NSW has seen average median house prices change by 4.27% which means that Mayfield, 2304 has done well for property investors by showing a capital gain of -0.09% over the last year
Mayfield,2304 has offered an average of -0.09% return per annum in house price rises to property investors over the last three years.
State is the 5th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -4.58% offered to property buyers. Sellers in Mayfield itself are offering an average vendor discount of -2.55% to real estate investors.
Residents and property investors in Mayfield have been waiting around 49.1262 days to sell a property.
Advertised rents are around the $420 mark per week – giving a return of 3.87% based on the median price in Suburb
Over the last year, property investments in Mayfield, 2304 have given investors a capital gain of 5.88%. This compares favourably with the 2.36% for NSW as a whole.
Taking the average capital gain, or increase in median house value, Mayfield,2304 has racked up an average of 5.88% over the period. This ranks it number 910th in the whole country for real estate investors looking at median house price increases.
Renters in Suburb are facing rents around $18720 per annum or $360 every week.
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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.