Giving property investors a a stable capital gain of 8.59% for the last year, Newtown, 2042 is the 1499th highest performer in Australia in this respect.
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Newtown has increased when compared to the 5 year average annual rate.
Newtown, 2042 is offering NSW ‘s 1209th most discounted properties when looking at the average discount being offered by vendors. This puts it in the bottom 10% of discounts offered by this NSW.
At number 237 in a list of fastest selling suburbs, Newtown is in the TOP 10% of suburbs in Australia with an average of days on market 38.72 for properties listed there.
Situated 4.29km from the CBD, Newtown is one of Sydney localities in the postcode 2042.
NSW has seen average median house prices change by 6.22% which means that Newtown, 2042 has done well for property investors by showing a capital gain of 14.75% over the last year
While Newtown,2042 ranked number 393th in NSW for increase in median house value (annualised) increase, it is ranked 92th over the last 5 years.
Property buyers and investors in Newtown 2042 should be seeing an average reduction in asking price of around -7.66% . This means that Newtown is holding prices well when compared to other suburbs in NSW.
Often selling an investment property can take time, and in Newtown the average time real estate has been on the market is 36.65 days.
Advertised rents are around the $505 mark per week – giving a return of 3.41% based on the median price in Suburb
Rich Harvey of www.propertybuyers.com.au has two words to describe Newtown: trendy and hip. “You’ve got the most diverse demographic in the suburb,” says Harvey. “You’ve got couples, singles, gays, students, recent migrants, as well as budding artist and writers. It’s really dynamic and vibrant.”Full summary
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Rich Harvey of www.propertybuyer.com.au has two words to describe Newtown: trendy and hip. “You’ve got the most diverse demographic in the suburb,” says Harvey. “You’ve got couples, singles, gays, students, recent migrants, as well as budding artist and writers. It’s really dynamic and vibrant.”
King Street, which is the main thoroughfare, has the highest concentration of shops and cafes in the area. The suburb is located close to Sydney University and Prince Alfred Hospital and has excellent transport via its own train station and regular bus services to the Sydney CBD.
“Some properties in Newtown have hit a premium, but I don’t think it’s going to dip that much because Newtown has a certain appeal to this demographic. A lot of people still prefer to live in Newtown than Enmore or Sydenham; even these suburbs are very close to Newtown because of its history and character,” says Harvey.
Newtown’s residents are mostly young, with an average age of 32 according to the ABS Census. A large proportion (54%) of residents rent, while a third are currently paying their mortgages and 16% fully-own their homes. Residents are also quite affluent, earning an average of $2,243 per week, compared to $1,367 across NSW.
While pricing for houses has hit a premium in Newtown, units are the affordable option at median price of just over $400,000.
At the current pricing for units, Jeremy Sheppard of DSRscore.com.au says Newtown is ripe for the picking, as it’s showing all the characteristics of a suburb about to emerge from a flat period while remaining relatively affordable.
Where to buy: Along Georgina St
Avoid: Close to the train line and near Stephens cemetery