The 19 NSW suburbs with median apartment prices sub-$200,000

The 19 NSW suburbs with median apartment prices sub-$200,000
The 19 NSW suburbs with median apartment prices sub-$200,000

There are any number of expensive options across New South Wales, but what about the cheaper suburbs?

Property Observer looked to the most recent median unit prices from RP Data to find out where the cheapest options are (sub-$200,000), and their gross rental yields, and then took to the current listings to see whether these properties could really be snapped up in today's markets.

Here are the suburbs and what we found, in alphabetical order.

Bomaderry

$195,000

On the market now: Three apartments or units at $190,000 or below. The cheapest is at 1/42 Lyndhurst Drive, asking $180,000 for a two-bedroom one-bathroom apartment. The most expensive is 1/5 Harbour Boulevard, which is asking $257,000 for a two-bedroom one-bathroom.

Gross rental yield: 6.4%

Brownsville

$195,000

On the market now: Only two options came up, one at $200,000, the other at “over $200,000”.

Gross rental yield: 6.8%

Casino

$190,000

On the market now: Currently, there are 30 units or apartments on the market, including an entire block of flats (three one-bedroom and one two-bedroom) for $349,000 as well as a $269,000 home converted into two units that is marketing itself to developers. Individual apartments up for sale span from a $132,000 two-bedroom one-bathroom unit advertising a potential 7.1% rental yield to a $270,000 three-bedroom, two bathroom villa in a newer estate.

Gross rental yield: 6.02%

Corowa

$139,000

On the market now: There are five units or apartments to choose from. A two-bedroom, one-bathroom brick veneer unit for $130,000 is the cheapest up to a two-bedroom, one-bathroom unit with a larger yard for $159,000.

Gross rental yield: 6.28%

Cowra

$115,000

On the market now: Four Cowra results reveal opportunities for $100,000 (for a one-bedroom, one-bathroom offering) up to a $375,000 renovated studio with a blue chip tenant offering a 7% rental return.

Gross rental yield: 7.69%

Deniliquin

$124,000

On the market now: Eight results come up for a search, including some business premises. One of the apartments is a one-bedroom, one-bathroom offering for $85,000. The priciest is a $320,000 opportunity, bringing two apartments to the market each with two-bedrooms, one-bathroom and with $170 and $175 per week in rent.

Gross rental yield: NA

East Albury

$185,000

On the market now: There are currently purchasing opportunities from a two-bedroom one-bathroom apartment for $129,000, to $239,000 for a well presented two-bedroom unit with a garage.

Gross rental yield: 5.92%

Griffith

$192,000

On the market now: Currently there are six apartments for $700,000 in total in a listing and a 16 room boarding house for $360,000 plus, with individual offerings spanning as low as $175,000 for a two-bedroom one-bathroom.

Gross rental yield: 6.77%

Kooringal

$190,000

Currently on the market: With just six offerings, aimed at investors includes a two-bedroom, one-bathroom for $119,000, aiming itself at new investors starting their portfolio, and a $253,000 renovated opportunity with two-bedrooms and one-bathroom in a central location. The listing notes it has rent potential of $280 to $300 per week.

Gross rental yield: 6.02%

Lavington

$138,000

Currently on the market: Currently, there are 35 options in Lavington. A two-bedroom, one-bathroom sits at the bottom of the list at $105,000 with tenants who have been in residence for four years. There are many options around the $120,000 mark, and a couple of multi-unit offerings in the $200,000 to $300,000 bracket. For $215,000 investors can buy themselves a freestanding two-bedroom one-bathroom townhouse.

Gross rental yield: 7.56%

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Leeton

$191,000

Currently on the market: A measly three listings comes up when searching for Leeton units, with a one-bedroom, one-bathroom offering for just $69,500 on the edge of town, up to a $147,000 two-bedroom, one-bathroom offering that appears to aim itself more towards owner occupiers.

Gross rental yield: 5.73%

Lismore

$168,000

Currently on the market: Just one listing comes up for Lismore, with 9 Cathcart Street offering “Cash flow positive flats” saying that they want the market to tell them what they’re worth and asking for offers. They’re expecting that the two dwellings on one title as a ‘flat’ will net two incomes totalling $565 per week in rental income.

Gross rental yield: 7.45%

North Albury

$157,000

Currently on the market: Offerings from $119,000 for a two-bedroom, one-bathroom unit – aimed at first home buyers and investors – up to $295,000 for a block of two units, and $189,900 for a three-bedroom, one-bathroom townhouse.

Gross rental yield: 5.96%

Nowra

$175,000

Currently on the market: Three offerings in Nowra see a $142,000 two-bedroom one-bathroom listing compete with a $235,000 two-bedroom, one-bathroom free-standing villa and a newly renovated CBD $229,000 two-bedroom, one-bathroom apartment.

Gross rental yield: 6.84%

Taree

$155,000

Currently on the market: In total, 19 results (when taking out duplicates) come up when searching in Taree. A whole block of four units is seeking investors to pay $495,000 for the offering. Meanwhile, a $235,000 three-bedroom duplex with no strata is being advertised. There are also many offerings on the other side of the spectrum, with two units (one bed sitter and one studio) looking for $72,500, with most of the cheaper options around the $120,000 mark.

Gross rental yield: 7.38%

Tolland

$124,000

Currently on the market: Six Tolland results see the most expensive asking for offerings around $195,000 for two-bedroom, one-bathroom and one-garage with a tenant in-situ at $240 per week until January 2015. A $118,000 two-bedroom, one-bathroom unit is also up for sale suggesting that the previous tenant paid $175 per week, and also noting that the adjacent unit is also up for grabs.

Gross rental yield: 7.65%

Vineyard

$165,000

Currently on the market: Just two units are available – both over-55s villas, the first for $165,000, the second for $320,000, both in Windsor Country Village. Another stage of property releases is also noted for the area in Granthan Estate, which notes that stage one’s 111 lots and stage two’s 116 lots sold out, with stage three now to be released with 56 elevated lots. They are priced from $345,000.

Gross rental yield: NA

Warrawong

$194,000

Currently on the market: Just one option exists in Warrawong right now, asking for offers above $199,000. The two-bedroom top floor unit is in a boutique complex of four and has been recently updated. It notes that strata levies include admin of $570.40 per quarter and $182.25 per quarter for the sinking fund.

Gross rental yield: 6.7%

West Albury

$198,000

Currently on the market: Four West Albury options from $179,000 to $270,000 are available. The lower priced offering on Padman Drive includes two bedrooms and one bathroom, while on the other end of the scale is a three-bedroom, two-bathroom unit with one garage, with just two units on the block.

Gross rental yield: 6.06%

West Tamworth

$184,000

Currently on the market: No listings currently noted for units and apartments in West Tamworth.

Gross rental yield: 6.78%

Windradyne

$190,000

Currently on the market: Six opportunities, evenly split between Bathurst Real Estate and the local Ray White office are available. These span from $134,000 to $205,000, the lower being the only one-bedroom, one-bathroom listed and the higher being one of two three-bedroom, one-bathroom offerings. The rental potential of the $134,000 listing is set at $150 per week, with the more expensive listing suggesting an achievable $270 per week.

Gross rental yield: NA

Jennifer Duke

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

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