At number 782th in the list of Australian suburbs ordered by increase in median house value over the last year, Mayfield, 2304 is in the top 20% with a property value increase of 22.21% recorded in median house prices.
Over the longer term, Mayfield has seen property prices show investors a 13.96% return over the last 3 years. This is an improvement over the last 12 months
Our latest figures would indicate that property sellers in Mayfield are currently offering property investors an average price cut of -4.17% below the asking price at the moment.
In the last year 200 properties changed hands in Mayfield, which puts it as the 104th most active market in NSW when comparing the number of sales per suburb.
Mayfield, 2304’s gross rental yield is 3.56%
Investment property in Mayfield has done pretty poorly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of 2.22%
When looking at the potential capital gains offered to property investors over the last 3 years, Mayfield comes in at number 504th in NSW.
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.