Are you thinking of investing in a duplex development in South Australia? Want to know what’s the top growing suburb for your duplex development? Well, read on for a list of Australia’s top growing suburbs perfect for duplex development.
Investing in property especially duplex development can sometimes be a big gamble. Till now, there is no sure way or formula that can guarantee you a perfect property investment. Why? Well, there are just way too many factors that come with property investors. Whether its government spending, economy or property cycle, there is always factors that influence property investment. While some might think duplex development is a different type of investment, the same challenges still present themselves.
Luckily, investors can increase chances of fully benefiting from their efforts by taking up smart action. One such action is settling on the ideal location or community. If you are thinking of starting a duplex development, you’ll need to carry it out at a growing suburb. What this does is increase your chances of getting the most long-term gain. To help you get the most long-term gain, this post shares with you top growing suburbs in Australia. These suburbs are perfect for your duplex development.
The top suburbs will be highlighting in this post are;
- Glenelg South
- Dulwich Hill
- Royston Park
- Rose Park
Top on the list of growing suburb in Australia for your duplex development is Glenelg South. Not only is this suburb growing but it also boasts an impressive median sale price. In 2018, median sales price for homes in Glenelg South was at $920,000. When compared to median sales price of homes five years ago, this number represents a 24.3% increase. This also equates to an annual growth rate of 4.5%. If that wasn’t good enough, data shows that there is a high demand of rental property. Rental yield for this South Australian suburb was at 2.7% in 2018.
Following Glenelg South is Carrickalinga. This small coastal suburb in South Australian suburb has a rental demand that’s increasing by the year. In terms of yield, Carrickalinga rental yields stand at 4.01%. Home sales are also on the rise at Carrickalinga. Pricewise, the median sale price for homes in these coastal suburbs is $675,000. This an increase off 75.3% when compared to prices five years ago. This equates to an 11.9% compound annual growth rate.
This destination in the Riverland South Australia is another top suburb for your duplex development. In addition to having a growing demand for units, the median sales price for homes has also been on the rise. In 2018, the median sales price for houses in Waikerie was at $250,000. Compared to the price five years ago, this represents a 72.4% increase. This all equates to a compound annual rate growth of 11.5%.
If you are looking at duplex development for rental purposes it is good to note that the rental demand is not that high. If you would still like to carry out a duplex development project for rental purposes, it’s good to point out that it has a rental yield of 5.2%.
With an average rental housing demand of 770 visits per house in 2018, Dulwich Hill had to feature in this top growing suburb for your duplex development post. This suburb is known to be growing at a steady pace increasing the demand for housing units.
The median sales price for homes in this NSW suburb in 2018 was at $1,450,000. This is an increase of 53.0% when compared to the median sales price for homes five years ago. Overall, this figure equates to a compound annual rate growth of 8.9%.
The rental demand is also on the rise in this suburb. The median rent in Dulwich Hill stands at $700 a week. The rental yield is at 2.5%.
This Adelaide Suburb in the city of Norwood Payneham St Peters is another top growing suburb in SA. Despite its narrowness, this South Australian suburb has shown an increase in the number of units on a yearly basis. Additionally, the median sales price for homes has also been on the rise. To be exact, there has been a 50.6% increase of Royston Park median sales price. In 2018, the number was $990,000, an increase from numbers reported five years ago.
In terms of rent, tenants in Royston Park expect to pay $435 a week. A plus with this particular suburb is that the rental demand is very high. Therefore, if you are carrying out a duplex development for the purpose of generating rental income, Royston Park is very ideal. The rental yield stands at 2.3%.
The last suburb to feature in this growing suburb post is Rose Park. Similar to the suburbs already mentioned, Rose Park has seen a nice steady rise in demand for units. In fact, this suburb has a very high rental demand with 1212 visits per house. In terms of pricing, renters in Rose Park expect to pay a median weekly rent of $595. Its rental yield as of 2018 was 1.9%.
The median sales price for homes in this South Australian suburb in 2018 was at $1,595,000. Compared to the price recorded 5 years ago, this represented a 53.4% increase. This also equates to an annual compound growth rate of 8.9%.
There you have it, top growing suburbs in Australia for your duplex development. While the suburbs listed are the ones that have shown considerable growth, there are others that are worth mentioning as well. These suburbs are Malvern, Norwood, Gilberton, Kensington Park, and Hazelwood Park.
If you would need additional information regarding the suburbs mentioned above, do contact Duplex Invest. We’ll be able to give you expert advice and share with you valuable information on matters duplex development in growing suburbs. To contact Duplex Invest representatives dial this number 1800 600 098.