Not sure where you should build your duplex? Read on to learn of Australian suburbs sure to offer you a solid return on your duplex investment.
For investors investing in duplex property, ensuring you get a solid return is very important. Today, especially given the current property market, ensuring you get a solid return on your investment can be challenging. Despite this, however, there are a few steps one can take to increase the chances of having a solid return. One such step is investing in the right neighbourhood.
This in mind we’ve decided to share with you this Australian suburbs post. In particular, we are sharing rising suburbs in Australia where you should build your duplex. By doing so you’ll be increasing chances of you getting a solid return on your investment.
From sleepy suburbs that are on the rise to suburbs on the brink of a boom, below are Australian suburbs where you should build your duplex for a solid return.
- Largs North
- Hallett Cove
Located on the Lefevre Peninsula in the Port Adelaide Enfield Region is Largs North. This South Australian suburb has a total population of 3,651 (going with data provided by recent census). Keeping in mind that this population is always growing, expect demand to increase. This goes for both looking to buy and rent.
So what type of property do people in Largs North go for? Well, 28.3% of the population in Largs North live in rental properties. This has resulted in an increase in the number of rental units. While on matters rent, renters in Largs North pay $380 per week. Yield-wise, this suburb’s rental yield is 4.59%.
Median prices for homes in Largs North have been on an increase in the last 4 years. Currently, the median price for houses in this South Australian suburbs stands at $450,000. Also, if you are looking to sell your property, keep in mind that the average time to sell is 141 days.
This South Australian suburb is located in the Unley Region. Currently, this suburb has a population of $2,984. Regarding occupancy, the percentage of residents living in Goodwood who are renters is 32.01%. Figure-wise, renters in this South Australian suburb pay $490 per week. Also of importance to note is the median rent per week. So what is it? Well, it currently stands at $300 per week. As per yield, the median rental yield for homes or townhouses in Goodwood stands at 3.51%. For units in Goodwood, the median rental yield is 5.57%.
If you are looking to invest to sell, selling an average unit at Goodwood takes around 161 days to sell. On the other hand, homes/townhouses sell within 78 days. Price-wise, the median listing price for units is $725,000. This figure represents an increase in the last four years.
This South Australian suburb in the Marion Region has a population of 12,300. With such a population, this makes Hallett Cove the largest suburb so far in this post. This high number of population results in an increase in demand for proper housing. Off importance to note about Hallet Cove is that 13.91% of its population choose to rent. In other words, they live in rental accommodations.
If you are looking to sell your home in Harllett Cove, the median listing price is $459,000. This listing price represents a 3.37% increase in the past two years. A typical townhouse/house takes an average of 118 days to sell. If you are looking to sell a duplex unit in this Australian suburb, the listing price is $334,500. Still, on matters selling your unit, Do note that there has been no change of stock on the market for townhouses or houses.
13.91% of the population that choose to rent pay $375 per week. This gives it a rental yield of 4.24%. The median rent price for a unit in Hallett Cove is $300 per week. This produces a rental yield of 4.66%.
This South Australian suburb in the West Torrens Region has a very high rental occupation. How high? Well, with its population of 1,432, the percentage of occupants living in rentals is 41.26%. This is the highest number yet among those suburbs already covered in this post.
If you are looking to invest to sell, the listing median price for houses at Thebarton is $605,000. This figure compared to the listing price two years ago represents a 21.08% increase. It’s good to point out that the average days it takes to sell a unit is 88 days.
For investors looking to rent out their unit once it’s finished, Richmond’s rent per week is $420. Another point that is key here is Richmond’s population. It has a young maturing population that makes it ideal for rentals.
Richmond, a South Australian suburb in the Mackay Region of Queensland, has a population of 491. The percentage of occupants that choose to rent out in Richmond is 11.59%. A plus with this particular Australian suburb is that it’s growing. This growth leads to an increase in demand for rentals as well as properties in general.
If you invest to sell in Richmond, the median sale/listing price is $1.29M. This represents an annual growth of 7.1%. Also, do note that the duration it takes to sell a unit. In Richmond, this time/period is usually 302 days.
If you are looking to rent out your unit, in Richmond renters pay $650 per week. This gives it a rental yield of 2.6%. The estimated cash flow for investments made can go as high as $1,500 per month. A plus for investors looking to rent out there units in this suburb is demand. Richmond has a very high rental demand thanks to a maturing population that is steady and looking to settle.
These are just some of the suburbs you can build your duplex for a solid return. For questions regarding Australian suburbs or building duplexes, I suggest getting in touch with Duplex Invest. We do have a team of experts who are happy to help you or share valuable information with you.