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Hi Jamie,
Thanks for your response. Our research indicates that 4 bedroom, 2 bathroom, 2 garage homes go any where between $380,000 (for old homes in need of renovations) to $450,000 (for less than 15 years old). Brand new Townhouses/Duplexes with 3 bedroom, 2 bathroom and 1 garage are currently on the market for $370,000 with rent returning of $400 pw. RP Data indicates that 29% of households are rented in the area (based on research from 2006), however from our experience of the local area we know there is strong rental demand for properties with many tenants seeking the same property to rent on the market.
Where we are looking at building is a mini estate where there will be new developments surrounding our investment. On top established accommodation and businesses the area itself is going through a transition of development with new business centres, many new Townhouses/Duplexes and a development of luxury apartments, which is a completely new style of accommodation for the area. I'm thinking that these developments are showing signs of growth for the area, which would hopefully eventuate in the rising of median prices.
My partner and I have searched council websites and we have discovered that the council has a 25 year plan to establish Campbelltown as a thriving city, evident in a surge of new developments occurring. Over the past 5 years the suburb where we are looking at investing has had poor returns of 1.5% growth and this makes us feel uneasy in developing in this area. However, the area has had a 3 year growth of 7.9%, 12 month growth of 4.9%, a quarterly growth of 4% and an average annual growth of 7.3%. What else should we be looking for to determine the potential growth for the area?
My partner and I appreciate your time and responses to our proposed investment plans as we are newbies to the whole investing process.
Thanks once again,
Vanessa.