Buying an investment property can be a great way to secure your financial future, which is why so many Australians become landlords. 2021 was a big year for property investors across the country.
Read on to find out all the key investment property stats nationally, as well as in each capital city and major regional areas including Newcastle, Maitland and Lake Macquarie.
National investment property stats
According to Domain, the average rent for houses increased by 7.4% during 2021 across Australia, while it rose 2.5% for units. The average weekly rent paid by Australian tenants is now $499 for houses and $436 for units. The 2021 house rent rises were the steepest since 2009.
Not surprisingly, Canberra and Sydney have the most expensive average weekly rents of any Australian capital city. The average weekly rent is $675 for Canberra houses and $530 for Canberra units. Sydney weekly house rents average $600, while units are $490.
Average weekly house rent has increased by 12.5% in Canberra over the past year, while it has increased by 9.1% in Sydney.
On the other hand, average weekly unit rent has increased by 7.1% in Canberra and 4.3% in Sydney over the same period.
Of course, it’s more expensive to enter the investment property market if you’re looking to buy in Sydney or Canberra too. That’s why more and more investment property buyers are looking to more affordable regional areas.
Regional area investment property stats
One of the advantages of buying in a regional area is that you can usually buy cheaper comparable properties than you can in major capital cities. Let’s look at the latest rents being earned by landlords in Newcastle, Maitland and Lake Macquarie. Houses are more common than units in each of these markets.
The average weekly rent for a Newcastle house is now $530, which is an increase of 11.6% over the past year. The median Newcastle house price is now .2 million.
House tenants in Maitland are now paying an average of $480 per week, which is a 9.1% yearly increase. Vacancy rates are less than 1%. The median Maitland house price is a very affordable $500,000.
The average weekly rent for a Lake Macquarie house is now $520, which is an increase of 15.6% over the past year. The median house price in Lake Macquarie is now $736,000, and vacancy rates are less than 1%.
How we can help
If you’re looking to buy an investment property in the Newcastle, Maitland and Lake Macquarie areas and you need finance, talk to us. Our expert brokers at Wisebuy Investment Group can help you to find the right loan for your needs. We work with more than 60 lenders in the Australian market, and we can help you with your loan application.
Contact us today for an obligation-free chat to find out more. We’d be happy to answer any questions you have and to explore your finance options with you.