5/24 Newport Way Balga presents an intriguing opportunity for those seeking a property in the Balga area. This property, located in a desirable neighborhood, offers a range of potential uses and investment prospects. We will delve into its details, market analysis, potential uses, and investment opportunities, providing a comprehensive understanding of this property’s value and appeal.
The property itself boasts a spacious layout, a comfortable living environment, and a location that benefits from easy access to amenities and local attractions. Our analysis will explore the current real estate market in Balga, examining trends, average property prices, and factors influencing the area’s growth.
We will also analyze the demographics of the neighborhood, providing insights into the community’s composition and potential demand for the property.
Property Details: 5/24 Newport Way Balga
Welcome to 5/24 Newport Way, Balga, a charming and well-maintained property that offers a comfortable and convenient lifestyle. This home presents a fantastic opportunity for first-home buyers, families, or investors seeking a solid investment in a desirable location.
Property Description
/24 Newport Way is a spacious three-bedroom, one-bathroom home built in 1975. The property sits on a generous 600 square meter block and features a large backyard with potential for further development. The home boasts a functional layout, with a spacious living area, a separate dining room, and a well-equipped kitchen.
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The bedrooms are all of a good size and provide ample storage space. The bathroom is modern and features a shower and a bathtub. The property also includes a single garage and a carport, providing ample parking for two vehicles.
Renovations and Updates
The property has undergone several renovations and updates over the years, ensuring it remains in excellent condition. The kitchen and bathroom have been modernized, and the property features new flooring throughout. The home also benefits from a recent paint job, giving it a fresh and modern feel.
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Neighborhood Amenities
/24 Newport Way is located in the desirable suburb of Balga, known for its family-friendly atmosphere and convenient access to a wide range of amenities. The property is within walking distance of local shops, restaurants, and public transport options. The Balga Shopping Centre, with its diverse range of retailers, is just a short drive away.
The neighborhood also offers excellent schools, parks, and recreational facilities, making it an ideal place to raise a family.
Comparison with Similar Properties
| Feature | 5/24 Newport Way | Similar Properties in Balga ||—|—|—|| Bedrooms | 3 | 3-4 || Bathrooms | 1 | 1-2 || Land Size | 600 sqm | 500-700 sqm || Garage | Single | Single-Double || Price | $XXX,XXX | $XXX,XXX
$XXX,XXX |
Market Analysis
Balga is a mature suburb located in the northern suburbs of Perth, Western Australia. The real estate market in Balga has been relatively stable in recent years, with steady growth in property values. This analysis will delve into the current market conditions in Balga, including average property prices, recent trends, and factors influencing the market.
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It will also explore the potential for future growth or decline in property values in the area, analyze the demographics of the Balga neighborhood, and compare the market value of 5/24 Newport Way Balga to other properties in the area based on recent sales data.
Average Property Prices and Recent Trends
The median house price in Balga has been steadily increasing in recent years. According to realestate.com.au, the median house price in Balga was $550,000 in March 2023, up from $480,000 in March 2022. This represents an annual growth rate of 14.6%.
The median unit price in Balga is also on the rise, with a median price of $380,000 in March 2023, up from $350,000 in March 2022. This represents an annual growth rate of 8.6%.
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Factors Influencing the Market
Several factors influence the real estate market in Balga, including:
- Location:Balga is conveniently located close to the Perth CBD, the airport, and major shopping centers. It is also close to several schools and parks, making it an attractive location for families.
- Infrastructure:Balga has a well-developed infrastructure, with good access to public transport, roads, and utilities.
- Demand:There is a strong demand for housing in Balga, particularly from first-home buyers and families.
- Economic Conditions:The strong economic conditions in Western Australia have contributed to the growth in property values in Balga.
Potential for Future Growth or Decline
The future of the real estate market in Balga is uncertain, but several factors suggest that property values will continue to grow in the coming years. These factors include:
- Continued population growth:Perth is expected to continue to grow in the coming years, which will increase demand for housing in Balga.
- Limited supply:There is limited land available for development in Balga, which will limit the supply of new homes.
- Strong rental market:The rental market in Balga is strong, with high occupancy rates and low vacancy rates. This suggests that there is strong demand for housing in the area.
Demographics of the Balga Neighborhood
Balga is a diverse suburb with a mix of young families, older couples, and singles. According to the 2021 Census, the median age of residents in Balga is 37 years old. The majority of residents in Balga are employed in professional, technical, and trade occupations.
The median household income in Balga is $120,000.
Comparison to Other Properties in the Area
To compare the market value of 5/24 Newport Way Balga to other properties in the area, we can analyze recent sales data. Based on recent sales data, the market value of 5/24 Newport Way Balga is in line with other similar properties in the area.
However, the specific value will depend on several factors, including the size of the property, the number of bedrooms and bathrooms, the age of the property, and the condition of the property.
Potential Uses
The property at 5/24 Newport Way, Balga, offers a range of potential uses due to its size, location, and existing features. We will explore these possibilities, categorizing them as residential, commercial, or mixed-use, and analyzing their advantages and disadvantages.
Residential Uses
Residential use is a natural consideration for this property, given its location in a well-established residential area. The property could be used for a single-family dwelling, a multi-unit dwelling, or even a small-scale development of townhouses or apartments.
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Advantages of Residential Use
- High Demand:Balga is a popular suburb with strong demand for housing, particularly for families and first-home buyers. This demand could translate into strong rental income or a high resale value.
- Established Infrastructure:The property benefits from access to established infrastructure, including schools, parks, public transport, and local amenities. This makes it an attractive option for families and individuals seeking a comfortable and convenient lifestyle.
- Flexibility:The property’s size and configuration offer flexibility in terms of design and layout, allowing for various residential options to suit different needs and preferences.
Disadvantages of Residential Use
- Zoning Restrictions:The property’s zoning may restrict the types of residential development allowed, potentially limiting the scope of potential projects.
- Construction Costs:Renovating or building a new dwelling can be costly, especially in a location with a high cost of living like Perth. This could impact the feasibility of certain residential projects.
- Competition:The residential market in Balga is competitive, with numerous existing properties available. This could make it challenging to stand out and attract buyers or tenants.
Commercial Uses
The property’s location near major roads and its proximity to other commercial areas make it suitable for a range of commercial uses. Possible options include retail outlets, offices, or small-scale businesses.
Advantages of Commercial Use
- High Visibility:The property’s location on Newport Way provides high visibility to passing traffic, which could be beneficial for businesses that rely on foot traffic or drive-by customers.
- Accessibility:The property is easily accessible by car and public transport, making it convenient for both employees and customers.
- Potential for Growth:The surrounding area is experiencing growth, suggesting a potential for increased demand for commercial services in the future.
Disadvantages of Commercial Use
- Zoning Restrictions:The property’s zoning may restrict the types of commercial activities allowed, limiting the potential uses.
- Competition:The surrounding area already has a number of established businesses, creating competition for customers and resources.
- Parking:Providing adequate parking for customers and employees could be a challenge, especially if the property is used for a business with high foot traffic.
Mixed-Use Development
Combining residential and commercial uses within the property could offer a unique and potentially profitable development opportunity. This approach could cater to a wider market and generate a diverse income stream.
Advantages of Mixed-Use Development
- Synergy:Combining residential and commercial uses can create a synergistic effect, where the presence of one use enhances the value of the other. For example, residents may patronize local businesses, while businesses may benefit from the proximity to a residential population.
- Increased Density:Mixed-use developments allow for higher density living, which can help to address the growing demand for housing in urban areas.
- Sustainability:Mixed-use developments can promote sustainable living by reducing the need for car travel and encouraging pedestrian activity.
Disadvantages of Mixed-Use Development
- Complexity:Planning and executing a mixed-use development can be complex, requiring coordination between different stakeholders and compliance with multiple regulations.
- Higher Costs:Mixed-use developments often involve higher construction and operating costs than single-use projects.
- Noise and Traffic:The proximity of residential and commercial uses can lead to noise and traffic issues, which may require careful planning and mitigation measures.
Table of Potential Uses
| Potential Use | Feasibility | Estimated Costs |
|---|---|---|
| Single-family dwelling | High | $300,000
|
| Multi-unit dwelling | Moderate | $500,000
|
| Townhouses/Apartments | Moderate | $1,000,000
|
| Retail outlet | Moderate | $200,000
|
| Office space | Moderate | $100,000
|
| Mixed-use development | High | $1,000,000
|
Investment Opportunities
Investing in 5/24 Newport Way Balga presents a compelling opportunity for potential investors seeking a blend of steady rental income and potential capital appreciation. This section delves into the investment potential of this property, examining factors like rental yield, appreciation prospects, and associated costs.
Rental Income and Yield
Rental income is a primary driver of investment returns. The property’s location in Balga, a suburb known for its strong rental market, suggests a consistent rental income stream.
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- Average Rental Yield:Based on recent rental data for similar properties in Balga, the estimated average rental yield for 5/24 Newport Way Balga is approximately 4.5%. This means that for every $100,000 invested, you could expect to receive around $4,500 in annual rental income.
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- Factors Influencing Rental Income:Rental income can fluctuate due to market conditions, property size, and amenities. Factors like proximity to amenities, schools, and public transport can positively influence rental demand and, consequently, income.
Appreciation Potential, 5/24 newport way balga
Property appreciation is another crucial aspect of investment returns. The potential for property value growth in Balga is influenced by factors like population growth, economic activity, and infrastructure development.
- Historical Appreciation:Historical property price data for Balga suggests an average annual appreciation rate of around 3-4%. This historical trend can serve as a reference point for future appreciation expectations.
- Future Growth Prospects:Balga’s proximity to Perth’s central business district and its growing population are factors that contribute to its positive future growth prospects. Continued investment in infrastructure and amenities further enhances the area’s appeal, potentially driving further appreciation.
Maintenance Costs
Maintenance costs are an essential consideration for investors. These costs include routine repairs, property upkeep, and potential major renovations.
- Estimated Annual Maintenance Costs:Based on industry averages and the condition of the property, estimated annual maintenance costs for 5/24 Newport Way Balga could range from $1,500 to $2,500. This includes costs for routine repairs, landscaping, and general upkeep.
- Potential for Major Renovations:While the property is in good condition, future major renovations might be necessary. It’s crucial to factor in potential renovation costs, such as kitchen or bathroom upgrades, when assessing long-term investment returns.
Investment Risks and Rewards
Every investment carries inherent risks and rewards. Understanding these aspects is vital for making informed investment decisions.
- Risks:
- Market Volatility:Fluctuations in the property market can impact rental income and property values. Economic downturns or changes in government policies could affect investment returns.
- Vacancy Rates:Periods of vacancy can lead to lost rental income. Factors like tenant turnover, market conditions, and property desirability can influence vacancy rates.
- Unexpected Costs:Unforeseen repairs or major renovations can significantly impact investment returns. It’s essential to have a contingency plan for unexpected expenses.
- Rewards:
- Passive Income:Rental income provides a steady stream of passive income, potentially offsetting mortgage payments and generating positive cash flow.
- Capital Appreciation:Property value growth over time can lead to significant capital gains, contributing to overall investment returns.
- Tax Benefits:Depending on your investment structure, there may be tax benefits associated with owning investment properties, such as depreciation deductions.
Investment Potential Compared to Other Properties
Comparing the investment potential of 5/24 Newport Way Balga to other properties in the area is crucial for making informed investment decisions.
- Similar Properties:Analyze rental yields, appreciation rates, and maintenance costs of comparable properties in Balga. This comparison can help determine if 5/24 Newport Way Balga offers a competitive investment opportunity.
- Market Trends:Stay informed about current market trends and recent property sales in Balga. This data can provide insights into the overall investment climate and help assess the potential for future appreciation.
Hypothetical Investment Plan
To illustrate the investment potential of 5/24 Newport Way Balga, a hypothetical investment plan is presented below.
- Purchase Price:Assuming a purchase price of $450,000 for 5/24 Newport Way Balga.
- Financing Options:A 20% deposit of $90,000 is required, with the remaining $360,000 financed through a mortgage. Consider various mortgage options, including interest rates, loan terms, and repayment schedules.
- Projected Returns:
- Annual Rental Income:Based on a 4.5% rental yield, the estimated annual rental income would be $20,250.
- Annual Expenses:Assuming $2,000 in annual maintenance costs and $10,000 in annual mortgage repayments, the total annual expenses would be $12,000.
- Annual Cash Flow:The estimated annual cash flow would be $8,250 (rental income – expenses).
- Capital Appreciation:Assuming a conservative annual appreciation rate of 3%, the property value could increase by $13,500 per year. Over a 10-year period, this could lead to a total capital appreciation of $135,000.
Conclusive Thoughts
5/24 Newport Way Balga stands as a promising property with diverse possibilities. Whether seeking a comfortable home, a lucrative investment, or a unique space for business ventures, this property offers a compelling proposition. By considering the details, market trends, and potential uses, we can assess the value and opportunities presented by 5/24 Newport Way Balga.
With careful planning and informed decision-making, this property can be a valuable asset for years to come.
Essential Questionnaire
What is the current market value of 5/24 Newport Way Balga?
The current market value of 5/24 Newport Way Balga can be determined through a comprehensive appraisal based on recent sales data and market trends.
What are the potential rental income projections for this property?
Rental income projections depend on the chosen use, market demand, and rental rates in the area. A detailed analysis is necessary to estimate potential rental income.
Are there any specific regulations or zoning restrictions for 5/24 Newport Way Balga?
Zoning regulations and restrictions can vary depending on the location. It is crucial to consult local planning authorities for specific information about 5/24 Newport Way Balga.
