If you compare the increase in value of investment property in Mayfield, 2304 to the rest of Australia, it performed somewhat poorly. The median increase in value, or capital gain property investors experienced for this NSW suburb was -4.67%.
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Mayfield has increased when compared to the 5 year average annual rate.
When looking to buy, or assessing what properties are really achieving at sale, it's essential for property investors to take into account what discounts are being offered in Mayfield, 2304. Typically our figures indicate that -6.95% is being offered, which puts this NSW suburb at 1370th most discounted overall in Australia.
Residents and property investors in Mayfield have been waiting around 61.0183 days to sell a property.
Mayfield is 462th on a list of best yielding suburbs for rents in NSW with a 3.91% return
Mayfield is in the bottom 10% in NSW when comparing median price capital growth over the last year. Mayfield gave property investors a dismal capital gain figure when compared to the rest of the state, with -14.77%.
Mayfield,2304 has offered an average of -14.77% return per annum in house price rises to property investors over the last three years.
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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.