Property value increases in Mayfield have tracked just lower than the NSW average of -4.21% over the last 12 months.
While Mayfield,2304 ranked number 886th in NSW for increase in median house value (annualised) increase, it is ranked 390th over the last 5 years.
LACK OF BUYER INTEREST may well be the reason that Mayfield is offering property investors an average of -7.38. This rate of discount on properties puts Suburb at number 434th in terms of most discounted suburbs in NSW
Mayfield has had a very poor year for property investment returns compared to the rest of NSW, giving investors a capital gain of -11.84% to date .
A 38.06% growth in median value for property investors in Mayfield,2304 puts this suburb at number 97th in terms of best performing suburbs in NSW
Often selling an investment property can take time, and in Mayfield the average time real estate has been on the market is 51.8235 days.
A $385 per week rent on the median house gives suburb investors a gross yield of circa 4.68%, without taking into account capital value appreciation, which has been averaging out at 5.92%.
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Information supplied by:
January 2019
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Convenience boosts unit values
Postcode: 2304
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.