Newtown is an average performer in NSW when comparing median price capital growth over the last year. Newtown gave property investors a average capital gain figure when compared to the rest of the state, with 12.74%.
Across a shorter period, Newtown, 2042 has seen a median price increase of 0.69% over the last quarter.
Property investors looking for a bargain in Newtown should be aiming for at least -3.23% off the asking price, which is the average vendor discount being achieved at the moment.
Often selling an investment property can take time, and in Newtown the average time real estate has been on the market is 41.7 days.
A $765 per week rent on the median house gives suburb investors a gross yield of circa 2.72%, without taking into account capital value appreciation, which has been averaging out at 9.62%.
With a capital gain of 9.03% for the last 12 months, Newtown, 2042 has performed for property investments than its average annual 8.94% property growth over the last 5 years.
Comparing Newtown,2042 ‘s 5year and quarterly average capital gain offered to property investors, it performed less well across the longer period
Newtown2042 is located in NSW which offers an average discount of -4.14% to property investors. Newtown itself is showing figures that indicate -8.85% is the average achievable by property buyers investing in the suburb.
Property investors should expect to get $500 weekly from the median priced house in this 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