Why buying under market value is not always a good idea
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NORTH RICHMOND, 2754 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 NORTH RICHMOND, 2754 values up and netting property investors a capital gain of 3.36% for the past year.
Investors saw the median home price rise to $692,500.
Profits due to an downward trend in home prices in the suburb averaged -2.96% per annum over a 3-year period.
NORTH RICHMOND now ranks at the 678th 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 NORTH RICHMOND 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 $440 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 NORTH RICHMOND, homes and units usually stay on listing for an average of 57.7 days.
In 2016, 102 properties were sold in NORTH RICHMOND during the past year, making it the 1410th most active market in NSW based on total real estate transactions.
| KEY PROPERTY DATA REPORT | HOUSE | UNIT |
|---|---|---|
| Median Price | $692,500 | $516,500 |
| GROWTH REPORT | ||
| Median Quarterly | 1.84% | 0% |
| Median 12 month | 3.36% | -2.55% |
| Median 3 years | -8.88% | 3.3% |
| Median 5 years | 12.6% | 8.45% |
| 10 years average annual | 5.8% | 5.71% |
| Weekly media advert. rent | $440 | $410 |
| Time on Market | 57.7 days | 43.8 days |
| Gross Rental Yield Percent | 3.3% | 4.13% |
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