‘Nonsensical’: Economist Shuts Down 10% Price Drop Talk
A big four bank’s suggestion that Australia would see a 10 per cent dip in property prices over 2023 has been promptly...
A steady increase in median property prices over a five-year period in the suburb translates to a 17.06% capital gain.
It also delivered a weaker performance in contrast to other Australian suburbs in terms of appreciation of property value.Investors saw the median home price rise to $597,000
The augmented property values in the suburb are trailing behind the territorial average of 14.76% in 2016.
On the other hand, based on current median home prices for the suburb, Real estate investors could earn a rental income of $470.
Home owners selling their properties and realtors in THORNTON usually have to wait an average of 33.2 days days before their assets are lifted off the market.
The NSW suburb ranks 276th on the list of best yielding suburbs for rental properties in NSW, posting a 4.09% return.
It also places places 655th in Australia based on median property value growth during the quarter.
On the surface, the suburb of Thornton appears to be the type of neighbourhood that may be too subdued even for those who prefer the quiet life. But with several major landmark developments in sight and an enviable proximity to the historic places in the City of Maitland, real estate investors are starting to view Thornton in a different light.
There’s more to Thornton upon closer inspection: the suburb possesses a centuries-old train station, which is still running today and is in close proximity to Maitland Park, the Maitland Gaol, a former prison, and an array of sports and recreational facilities. The New South Wales Department of Planning and Environment sees Thornton as a major growth corridor, with over 500 homes set to be constructed in the suburb soon.
Properties for sale in Thornton
Thornton’s real estate portfolio include housing and land packages whose prices range between AU$415,000 and AU$900,000. However, some properties for resale offer value for your money as well, such as old mansions and display homes. Discerning buyers who don’t mind moving to a property in a startup neighbourhood can definitely bag a spacious residence in Thornton without having to shell out a million dollars. Multi-family residential properties are lacking in the area, though upcoming developments make up for the need for these types of high-density residences.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||14.48%||17.06%|
|Median 3 years||17.06%||-1.22%|
|Median 5 years||23.09%||23.54%|
|10 years average annual||5.1%||6.22%|
|Weekly media advert. rent||$470||$410|
|Time on Market||33.2 days||56.5 days|
|Gross Rental Yield Percent||4.09%||5.03%|