31 Kitchener ParadeThe Hill NSW 2300
Property Details for 31 Kitchener Pde, The Hill
31 Kitchener Pde, The Hill is a 16 bedroom, 8 bathroom Unit with 4 parking spaces. The property has a land size of 556m2. While the property is not currently for sale or for rent, it was last sold in July 2012.
Last Listing description (February 2024)
Units 1-8/31 Kitchener Parade are two blocks of units on one title being sold in one line in The Hill Newcastle.
The units have been well maintained and have had minor renovations and upgrades as required under the current ownership. Each unit is a two bedroom configuration with central living space - some with lovely city views and a compact kitchen and bathroom. The property has four off street car spaces and a share laundry facility. Total revenue at full capacity is $133,380, currently two units vacant to facilitate sale that then would go immediately back in to rental market.
There is an opportunity to enjoy current returns or if so desired over time upgrade units to increase rent returns and possibly subject to approval strata title and add significant value. Other potentials are to land bank and look to develop site further.
Property features include:
- Eight separate two bedroom units
- Good views and leaf outlook
- Consistent rental returns
- Potential to increase income
- STLCA potential to strata title adding significant value
The Location: The Hill is an inner city suburb of Newcastle - one of the city's oldest suburbs with a mix of free standing houses, units and apartments. Within walking distance to beaches and the city The Hill is popular with investors wanting strong returns and low vacancy rates. Local shopping precincts include Hunter Street Mall and Darby Street Cooks Hill - with Newcastle Interchange accessed via light rail - also within walking distance.
For information or to inspect contact Darren Penn by email or call 0424 740 463.
Property History for 31 Kitchener Pde, The Hill, NSW 2300
- 24 Nov 2023Listed for Rent $475 / week
- 11 Oct 2023Listed for Sale Expressions of Interest
- 16 Jul 2012Sold for $950,000
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About The Hill 2300
The size of The Hill is approximately 0.6 square kilometres. It has 9 parks covering nearly 25.7% of total area. The population of The Hill in 2011 was 1,716 people. By 2016 the population was 1,940 showing a population growth of 13.1% in the area during that time. The predominant age group in The Hill is 20-29 years. Households in The Hill are primarily childless couples and are likely to be repaying $1800 - $2399 per month on mortgage repayments. In general, people in The Hill work in a professional occupation. In 2011, 46.9% of the homes in The Hill were owner-occupied compared with 44.7% in 2016.
The Hill has 1,417 properties. Over the last 5 years, Houses in The Hill have seen a 59.77% increase in median value, while Units have seen a 32.98% increase. As at 31 August 2024:
- The median value for Houses in The Hill is $2,120,763 while the median value for Units is $787,902.
- Houses have a median rent of $480 while Units have a median rent of $500.
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