Bathurst property proving popular with Sydney investors
Media release - 13th September, 2012
30% of Bathurst investors from Sydney
Bathurst’s reputation for strong yields and affordable property has struck a chord with Sydney investors, reports award-winning office, Raine & Horne Bathurst, who scooped the highly contested Top Country Office (Dollar Value) award at the Raine & Horne National Awards in Melbourne on Tuesday 21st August, 2012.
“We have an exceptional team and I am extremely proud of our office’s achievements this year,” says John Fagan, co-principal of Raine & Horne Bathurst.
In addition to the Top Country Office award, Raine & Horne Bathurst also ranked fourth in the Top Office (Dollar Value) and Top Office (Number of Sales) divisions.
“We are constantly building and improving on our previous year’s efforts, and these awards are a reflection of the solid teamwork and results our staff have achieved for their clients, many of whom are Sydney-based investors, in the past twelve months,” says Mr Fagan.
“About 40-45 % of all our sales in the past year have been to investors, with roughly 30% located in Sydney.
“For example, I just sold a three bedroom home to a Sydney-based investor for $310,000, which is generating a rental yield of 6.3%.”
Mr Fagan says Bathurst’s affordability is a core reason why investors are making the switch to regional property investments.
“Many investors are recognising that they are able to get more bang for their buck with a regional investment,” explains Mr Fagan.
“In Bathurst, our rentals are strong, vacancy rates are at 1.5% and houses are very affordable.”
Mr Fagan attributes Bathurst’s affordability to recent land releases and newly built residential developments.
“These new developments are popular with tenants and investors and I recently sold a brand new duplex in Eglinton for $340,000 to an investor, sight-unseen. The property is generating a weekly rental income of $370.”
Furthermore, strong local industry and a desirable country lifestyle are proving big drawcards for people looking to relocate to the historical gold mining town.
“Over the last few years, the local population of Bathurst has swelled by 4,000 residents,” confirms Mr Fagan.
“Many of these new residents are tenants who have come from all over the NSW to work in Bathurst’s thriving industrial, mining and education sectors.”
“This has created an environment where there is upward pressure on rents, which is always good news for investors.”
For those considering a property sale this Spring, contact Raine & Horne Bathurst on 02 6331 6555.
For further media information contact:
John Fagan, Co-Principal Raine & Horne Bathurst on 0414 403 340
Andrew Harrington, National Marketing & Communications Co-ordinator on 02 9258 5400