Head to Woopi
RP Data’s 2009 Hotspots Report has highlighted Woolgoolga as one of three regional locations in NSW that present the best opportunities for new buyers and investors in the New Year.
The report found that the median price for a property at Woolgoolga is $330,000, with an average gross rental yield of 4.73 per cent and a median weekly rent of $300. Properties also stay on the market in Woolgoolga for an average of 88 days.
RP Data property analyst Tim Lawless said the hot spot selection is based on ‘strategic affordability’ and identifies those suburbs that represent good value for money based on location, necessities and social options.
"While the world experienced erratic economic behaviours during 2008, the Australian property market proved its resilience by showing only modest value falls," Mr Lawless said.
"Across the nation, median dwelling values declined by just 1.24 per cent in 2008, compared to share market values falling by almost 40 per cent over the same period."
Mr Lawless said there are a variety of factors acting as market drivers, such as falling interest rates, increasing affordability, rising rental rates, improved investment yields and a shortage of housing.
He believes that first home buyers and investors will be the first to jump on the hottest suburbs.
"Both groups will be targeting low entry point properties showing strong yields and where there is potential for long-term capital growth," Mr Lawless said.
Other regional NSW locations identified as hot spots were both on the North Coast at Iluka and Ballina.