Andrew Heath, local McGraths Hill mortgage broker, checks out the amazing growth of this popular suburb.
I was chatting with a colleague recently, who was born and bred in the McGraths Hill area – but who moved interstate a number of years ago. A trip home left her breathless at the amazing transformation of McGraths Hill from rural hamlet to top notch suburb. Not surprisingly, she is now considering a McGraths Hill home loan to invest in her former stomping ground.
Honouring James Magrath
After some research through local history archives, I discovered that McGraths Hill was originally named after an early local settler – James Magrath (yes, a slightly different spelling), who owned a farm in the area.
These days, McGraths Hill offers all the trappings of modern life, and it’s a very popular suburb for families - especially as Windsor High Scholl is located an easy walk from most homes.
Affordable with proximity to schools
For my colleague who recalls McGraths Hill in the 1980s as a sleepy village, things have really ramped up.
The median house price for McGraths Hill currently stands at $530,000*, so it’s still a very affordable suburb. However many of my McGraths Hill home loan customers have been able to sit back and smile as local property values have steadily soared.
McGraths Hill home values up 19.2%
Indeed over the past year McGraths Hill home prices have leapt ahead by 19.2%* - one of the strongest capital growth rates across all Hawkesbury suburbs.
Even more impressive, McGraths Hill house prices have recorded gains totalling 37.7%* over the past five years. It has given McGraths Hill mortgage holders a significant boost to home equity.
Not that many are selling up though. In this popular, tightly held suburb, residents tend to hold onto their homes for an average of 13 years, and when properties in McGraths Hill do come onto the market they are quickly snapped up. This is confirmed by property website Realestate.com.au, which describes McGraths Hill as a ‘high demand suburb’. So if you’re thinking about buying in the area it pays to act fast.
Rental yields of 4.5%
The McGraths Hill property market mainly comprises houses, and for investors the yields are impressive. RP Data figures* show gross yields are in the order of 4.5% - vastly more than you can expect to earn on a range of other asset classes, and of course, the long term capital growth is an added bonus.
Take advantage of low interest rates
With interest rates still at historic lows, a McGraths Hill home loan offers excellent buying opportunities.
Find out more about buying in this growth suburb, by calling Andrew Heath, your local McGraths Hill mortgage broker, on 02 4578 9904 or 0411 550 600. Or call into Mortgage Choice Richmond located at 1/37 Lennox Street, Richmond.
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*RP Data Suburb ScoreCard, Corporate Edition. Data Set May 14 published August 14.