This 2 bedroom, 1 bathroom unit in Sydney’s inner west suburb of Homebush, is for sale at an affordable $560,000 to $590,000. It has been on sale since January 2020 and was last sold 20 years ago in October 2000 for $216,000.
Built in 1977, the unit is in a small building of 8 units and has a floor space of 84 sqm. There are 2 spacious bedrooms, an eat-in kitchen, a good size lounge, internal laundry and a lock-up garage.
It is in an ideal location, being close to Homebush Train Station, schools, local shopping village, Homebush DFO and 15 kms from Sydney’s CBD and even closer to Strathfield, Sydney Olympic Park, Parramatta and North Ryde hubs.
Currently, Homebush offers an affordable option for entry into Sydney’s Inner West market. Asking Prices for units in postcode 2140 range from $600,000 to $645,000. Whilst the inner west region shows unit price growth of 4.1% over 12 months, postcode 2140 has shown smaller growth of 0.5% over 12 months. Over the last month, the unit and house prices in this postcode both declined by 1.3% and 1.2% respectively.
This unit was last listed for rent at $440 per week in December 2019. Currently, asking rents for 2-bedroom units shows a 1.3% increase, after a decrease of 4.8% over the 12 months. Investors can achieve gross rental yields of 4.1% for units.
The vacancy rate in the postcode is a very high 6.9% in December 2019, increasing from 5.0% in January 2019. It is important to consider the impact of forecasts for new housing supply for 2019-20 to 2023-24 which, for the Inner West area is 2,501 to 7,500 additional homes to be built.
This unit could be a perfect start for the first home buyer or a good investment opportunity with potentially good growth and rental prospects. This older unit may also appeal to buyers who are still cautious about the new apartment market due to the Opal Tower and Mascot Tower evacuations.
For a more indepth look at the property market for 2020, subscribe to Christopher’s Boom and Bust Report 2020.
SQM website also features free property data that is now more interactive, easier to navigate and user-friendly, so keep monitoring this market’s growth at SQM Research’s free property data. Also consider the SQM Property Explorer product for more in-depth data and property price estimator.
TOP 5 HIGHEST YIELDING LOCALITIES (Capital Cities Only)
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