Sandy Bay, 7005 ranked 20th 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
While Sandy Bay,7005 ranked number 41th in TAS for increase in median house value (annualised) increase, it is ranked 11th over the last 5 years.
LACK OF BUYER INTEREST may well be the reason that Sandy Bay is offering property investors an average of -6.51. This rate of discount on properties puts Suburb at number 114th in terms of most discounted suburbs in TAS
With the median price for a house in Sandy Bay being $851500 and the advertised rent reaching $520 the gross rental yield for property investors calculates out to be 3.18%
Over the last year, property investments in Sandy Bay, 7005 have given investors a capital gain of 24.84%. This compares very favourably with the 4.47% for TAS as a whole.
The five-year average increase in median property values for Sandy Bay,7005 has given property investors a potential capital gain of 32.43% across each of those five years.
State is the 5th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -5.16% offered to property buyers. Sellers in Sandy Bay itself are offering an average vendor discount of -4.04% to real estate investors.
A $350 per week rent on the median house gives suburb investors a gross yield of circa 3.71%, without taking into account capital value appreciation, which has been averaging out at 5.37%.
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.”