Property value increases in Mayfield have tracked lower than the NSW average of 1.68% over the last 12 months.
While Mayfield,2304 ranked number 1065th in NSW for increase in median house value (annualised) increase, it is ranked 476th over the last 5 years.
The most recent median price for Mayfield is $550000, with sellers offering an average of -5.87% off the asking price.
On average over the past year, suburb has had 14.08 sales per month, which equates to 169 per year.
Situated 118.50km from the CBD, Mayfield is one of Newcastle (C) localities in the postcode 2304.
Investment property in Mayfield has done not badly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of 7.53%
If we look at median property appreciation over just the last three months, Mayfield has given property investors a paper return of -1.10%. This puts Suburb as 434 on a list of fastest fasting appreciating suburbs in NSW
With the median price for a house in Mayfield being $450000 and the advertised rent reaching $365 the gross rental yield for property investors calculates out to be 4.22%
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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.