BLACKTOWN, 2148 delivered a stronger performance in contrast to other Australian suburbs in terms of appreciation of property value.
Average median house prices in NSW have risen as a whole, pulling BLACKTOWN, 2148 values up and netting property investors a capital gain of 7.46% for the past year.
Investors saw the median home price rise to $720,000.
Profits due to an upward trend in home prices in the suburb averaged 15.15% per annum over a 3-year period.
BLACKTOWN now ranks at the 674th place on a list of fastest growing suburbs in the territory.
Figures from the previous quarter show that capital gains for real estate buyers in BLACKTOWN are low, as opposed to average gains per annum over the past five years.
Because of this real estate investors could earn a rental income of $430 based on current median home prices.
Regardless, it is expected for properties to spend some time on the market prior to a successful sale. In BLACKTOWN, homes and units usually stay on listing for an average of 63.4 days.
In 2016, 502 properties were sold in BLACKTOWN during the past year, making it the 365th most active market in NSW based on total real estate transactions.
Like its namesake city, Blacktown is a fast-growing prime location for property hunters and investors who work or conduct business in the Greater Western Sydney area. Lying within 34 kilometres of Sydney’s central business district, the suburb of Blacktown is accessible by train, via the Cumberland Line and North Shore, Northern and Western Line; bus or private vehicle from various points in its neighboring districts.
Amenities in Blacktown
Blacktown’s commercial district houses a growing number of state-run and private schools, the Blacktown Hospital, and the Westpoint Blacktown, its major retail hub. Groundbreaking developments are in the works that could trickle down to the major suburb, as part of the Blacktown City Council’s ambitions to give the city a million-dollar facelift.
No wonder Blacktown is welcoming a housing boom, as buyers scoop up property investments in the wake of its rapid urbanisation. A typical home or unit up for sale is likely to stay on the market for 60 days, a relatively short time for Australian real estate sales. The median home selling price is up by over 80 per cent in the last five years, while unit prices have surged by close to 70 per cent. Blacktown, however, is deemed as one of the few remaining areas in the city where rental costs are generally affordable.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||7.46%||10.75%|
|Median 3 years||45.45%||41.67%|
|Median 5 years||87.01%||70.57%|
|10 years average annual||8.84%||7.44%|
|Weekly media advert. rent||$430||$400|
|Time on Market||63.4 days||56.1 days|
|Gross Rental Yield Percent||3.11%||4.08%|