Thinking about buying in Backwater? Now could not be a better time, with just 27 residential dwellings it's a highly sought after location.
The average property price for this area is $2,286,000 with prices in this suburb ranging from $289,000 to $2,412,000.Distance to the coast is 110 Km.
In Backwater there has been a history of lower than average prices and demand, offering opportunities for investors or first home owners, especially in the context of the growth in working from home. Low average incomes in Backwater is reflected in smaller and lower quality accommodation. Over time this may change providsing long-term returns but in the short to medium term, prices are likely to be less than state averages. Low average earnings from people in Backwater leads to lower quality housing which also negatively impacts the provision of facilities. As a consequence this area is often seen as less desirable, with lower quality of housing and slower price growth. Low population density implies low demand and limits housing choices and price increases. Could be a good entry point for first home buyers needing to somehow get into the market. With very low industrial sector presence in Backwater the focus is on lifestyle, driving specific demand around facilities, services, and open space. Most people are employed in service sectors with a higher than average proportion being able to work from home. This may incease demand over the medium term.
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None within suburb boundary(While the above schools are located with the suburb of Backwater there may also be nearby schools whose catchments cover this suburb)
Incidents Trend State Average
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source: Australian Government Bureau of Meteorology
|03-02-2023||$1,000||808 MOUNT MITCHELL RD BACKWATER 2365|
|16-11-2021||$8,800,000||1543 MOUNT MITCHELL RD BACKWATER 2365|
|15-11-2019||$2,000,000||1111 PINKETT RD BACKWATER 2365|
|22-12-2017||$792,000||996 MOUNT MITCHELL RD BACKWATER 2365|
|15-12-2016||$190,000||57 TURNHAMS RD BACKWATER 2365|
|26-09-2008||$400,000||1095 MOUNT MITCHELL RD BACKWATER 2365|
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