Paynes Crossing is a sparsely populated locality in New South Wales within the Cessnock local government area (postcode 2325). It is home to about 50 residents, with an older demographic and a median age of 61. Households earn a median income of $71K per year, with an average household size of 2.3 people. Recent annual estimates show population movement into the broader catchment, with population growth running at +2.9% year-on-year at the LGA level. NSW employment has moved +0.3% year-on-year in the official Jobs and Skills Australia NERO series, which provides the broader jobs backdrop for this suburb. NSW also had 37 Commonwealth-backed major projects under construction, 5 underway, and 75 in planning as at 2 October 2024, which is useful as a broader delivery backdrop rather than a suburb-specific project count. The most common occupations are managers, community & personal service, sales. Employment in the area leans toward retail trade and healthcare. The top ancestries reported are English, Australian, Irish.
Paynes Crossing has a median house price of $473,000, which has declined steeply by 23.8% year-on-year. The current median weekly rent is $580. This gives a gross rental yield of approximately 6.4%. The median monthly mortgage repayment is $1,992.
The crime rate in the Cessnock LGA is moderate at 4,890 incidents per 100,000 population.
From an investment perspective, Gross rental yield sits at around 6.4% (high yield). Property prices sit below the state median ($473K/$1.5M), which can point to relative value. The price-to-income ratio of 6.6x is considered moderate. House prices have moved -23.8% year-on-year. Population growth of +2.9% year-on-year points to strong growth demand fundamentals. Building approvals have changed +0% year-on-year, indicating steady development activity.