At number 390th in the list of Australian suburbs ordered by increase in median house value over the last year, Sandy Bay, 7005 is in the top 10% with a property value increase of 18.84% recorded in median house prices.
Across a shorter period, Sandy Bay, 7005 has seen a median price increase of 2.50% over the last quarter.
Vendor discounting in Sandy Bay is giving property investors an average Vendor Discount of around -5.68%. This puts suburb at number 100th in TAS when ranking the most discounted suburbs.
Advertised rents are around the $520 mark per week – giving a return of 3.30% based on the median price in Suburb
With a capital gain of 4.29% for the last 12 months, Sandy Bay, 7005 has performed for property investments than its average annual 3.74% property growth over the last 5 years.
Sandy Bay,7005 has offered an average of 4.29% return per annum in house price rises to property investors over the last three years.
Property buyers and investors in Sandy Bay 7005 should be seeing an average reduction in asking price of around -3.94% . This means that Sandy Bay is holding prices well when compared to other suburbs in TAS.
At number 169 in a list of fastest selling suburbs, Sandy Bay is in the TOP 20% of suburbs in Australia with an average of days on market 43.17 for properties listed there.
With the median price for a house in Sandy Bay being $425000 and the advertised rent reaching $350 the gross rental yield for property investors calculates out to be 4.28%
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.”