Why commercial is the new residential
Gone are the golden days where you could purchase residential properties with yields of 6, 7 or 8 per cent or build a self-sustaining prope...
Property investors have seen a 1.35% gain in DUFFY based on an increase in median home prices for the past three months.
Based on its average 5-year and quarterly capital gains DUFFY, 2611 saw average growth in the long term.
The ACT suburb also delivered a stronger performance in contrast to other Australian suburbs in terms of appreciation of property value.Investors saw the median home price rise to $750,000
Profits averaged 3.4% per annum over a 3-year period, due to an upward trend in home prices in DUFFY, 2611.
This means, real estate investors could earn a rental income of $550 based on current median home prices for the suburb.
The gross rental yield in DUFFY, 2611 is 3.81%.
An average of 4.17 real estate transactions take place per month in DUFFY which translates to 50 per annum.
Duffy is a suburb belonging to the District of Weston Creek. Established in 1970, Duffy was named after Victorian premier Sir Charles Gavan Duffy. The suburb covers the western edge of Narrabundah Hill and is bordered by the towns of Rivett, Holder, Weston, Coombs and Wright. Duffy has two primary schools, a neighbourhood oval and numerous churches. Residents rely on buses and taxis as modes of transportation.
Nearly 90 per cent of the dwelling structures in Duffy are detached homes. Semi-detached homes, row houses and townhomes make up 9 per cent of the structures, while the remaining percentage of structures are flats, units or apartments. The suburb’s portfolio of properties include housing and land packages, vacant parcels of land, homes in mature neighbourhoods and apartment units.
Owning a property
Duffy’s median home and unit prices are still affordable for first home buyers who would like to relocate to the verdant neighbourhood. Fortunately, taking out a home loan in Duffy is easy, thanks to straightforward borrowing policies among lenders and banks.
To determine one’s eligibility for a home loan, property buyers can simply approach a mortgage or finance specialist for an initial assessment. Gaining pre-approval is quick and the specialist could already give buyers an idea of how much they can borrow or if they can proceed with the home loan.
Requirements for a home loan application include two payslips and a copy each of one’s savings account, group certificate and identification cards. The next step is a review of the applicant’s credit history, asset value and net worth. How much you could borrow would depend on your income surplus or a determined percentage of your income.
| KEY PROPERTY DATA REPORT | HOUSE | UNIT |
|---|---|---|
| Median Price | $750,000 | N/A |
| GROWTH REPORT | ||
| Median Quarterly | 1.35% | N/A |
| Median 12 month | -1.32% | N/A |
| Median 3 years | 10.21% | N/A |
| Median 5 years | 28.1% | N/A |
| 10 years average annual | 2.84% | N/A |
| Weekly media advert. rent | $550 | N/A |
| Time on Market | 52.0 days | N/A |
| Gross Rental Yield Percent | 3.81% | N/A |
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