Property value increases in Sandy Bay have tracked higher than the TAS average of 3.19% over the last 12 months.
Sandy Bay,7005 was ranked 436 in Australia by increase in median property value over the quarter.
The most recent median price for Sandy Bay is $730000, with sellers offering an average of -6.56% off the asking price.
Situated 3.19km from the CBD, Sandy Bay is one of Hobart localities in the postcode 7005.
Sandy Bay, 7005 ranked 24th in TAS when comparing growth in median property values or capital gain over the last 12 months. Sandy Bay is one of 606 in our list for TAS
When looking at the potential capital gains offered to property investors over the last 3 years, Sandy Bay comes in at number 13th in TAS.
Sellers are offering property buyers an average discount of -4.42% to buyers in Sandy Bay at the moment, which is less than average for the rest of TAS.
Using the current median advertised rental of $320 and the average annual increase in value of a median property of 3.41%, investors should hope to achieve an overall return of 4.32%
Sandy Bay is a prestigious suburb located 3km south of the Hobart CBD and hosts the majority of the region’s million-dollar homes. It also boasts fantastic infrastructure, including Wrest Point, Australia’s first casino.Full summary
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Sandy Bay is a prestigious suburb located 3km south of the Hobart CBD and hosts the majority of the region’s million-dollar homes. It also boasts fantastic infrastructure, including a number of major supermarkets, excellent public and private schools for both boys and girls, great public transport access to Hobart and a vibrant restaurant and shopping strip. Australia’s first casino, Wrest Point, is located in Sandy Bay.
Recent buying activity in Sandy Bay has far outstripped that of its prime suburb peers. One selling point is the University of Tasmania, located on Churchill Avenue, which means there is no shortage of students and academics requiring housing. This adds a rental element to an area that would otherwise be suited more to capital growth investments.
Robbie Yeoland from Key Property Management believes the suburb is clearly divided into two sections: an older style area, which is on the water side and a modern area, situated above the university and Churchill Avenue.
“Sandy Bay Road and Churchill Avenue run parallel to each other,” Yeoland says. “While there is a separation in styles, nearly every property has a water view and all the major players in real estate are in Sandy Bay.”