Port Macquarie NSW

For Sale

$656,625

Property ID :

 RH-6206-property

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Area

591

Description

Duplexes and Dual-Incomes ($150K+ equity uplift, 6% yield+)

 

Brierly Hill Estate is a continuing development with various stage releases occurring as supply is absorbed by demand in the market.

The developers are able to package dual-income and duplex (including subdivision) properties in this location. Dual-income properties will achieve yields in excess of 6.7% and duplexes will achieve an uplift of more than $180,000 if sold upon completion.

CoreLogic data indicates median house prices in most of the locations that make up the Port Macquarie market have increased in the past 12 months.

The standout suburbs are Bonny Hills, Lake Cathie and Wauchope which have recorded double-digit growth. Of these, Wauchope is the most affordable with a median house price of $420,000.

Wauchope attracts an older demographic (aged 60+), with a higher-than-average number of widowed or divorced people, according to the 2016 Census.

The inland enclave is more popular with renters too; 31% rent compared to the 26% average for the LGA. With over half the houses having three bedrooms, the median house rent is $475, according to CoreLogic.

Laing and Simmons principal Chris Koch says Port Macquarie is no longer a seasonal economy, with infrastructure such as the university, the hospital and the new GP super clinic attracting investors, students, doctors and nurses.

The median house price in Port Macquarie is $568,000 based on 796 annual sales. The median weekly rent is $450.

The long-term capital growth averages for Port Macquarie locations are solid, with most in the 4–5% per year range.

Like many coastal NSW markets reliant on tourism, the Port Macquarie area had been an average performer on capital growth on the past – before the recent upturn.

The key difference now is spending on infrastructure. A recent influx of contractors working on the Pacific Highway upgrade, the university and other construction projects has increased rental demand and reduced vacancy rates.

Port Macquarie has an active unit market with 466 annual sales. The median unit price is $385,000 following a 10% increase in the last 12 months. The median weekly rent is $350.

The vacancy rate in Port Macquarie is 1.4%, according to sqmresearch.com.au, and has been consistently below 3% for the past five years.

  • Max: AUD709,877
  • Min: AUD656,625
  • House Min (m²) : 241
  • House  Max (m²) : 241

Land  Min (m²) : 541

Land Max (m²) : 591

 

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