At number 1370th in the list of Australian suburbs ordered by increase in median house value over the last year, Mayfield, 2304 is in the top 40% with a property value increase of 5.26% recorded in median house prices.
Comparing Mayfield,2304 ‘s 5year and quarterly average capital gain offered to property investors, it performed less well across the longer period
At number 604th of NSW’s most discounted properties, Mayfield is in the TOP 40% of the state/territory when listing in order of most discounted to least.
Advertised rents are around the $430 mark per week – giving a return of 3.73% based on the median price in Suburb
NSW has seen average median house prices change by -0.14% which means that Mayfield, 2304 has not done well for property investors by showing a capital gain of -3.19% over the last year
The five-year average increase in median property values for Mayfield,2304 has given property investors a potential capital gain of 36.53% across each of those five years.
Advertised rents are around the $360 mark per week – giving a return of 4.11% based on the median price in 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.