Property investors who have had real estate in Chigwell, 7011 should be relatively pleased with this TAS suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices increase in value by 7.84%
Across a shorter period, Chigwell, 7011 has seen a median price increase of 2.80% over the last quarter.
State is the 4th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -7.01% offered to property buyers. Sellers in Chigwell itself are offering an average vendor discount of -7.29% to real estate investors.
Chigwell, 7011’s gross rental yield is 7.21%
Despite a general state-wide trend of low supply in Tasmania, the suburb of Chigwell in the northern suburbs area of Hobart recorded a significant increase in stock on market.Full summary
Information supplied by:
Median house price: $206,000
Stock on market: 61.5%
12-month growth: -0.72%
Despite a general state-wide trend of low supply in Tasmania, the suburb of Chigwell recorded a significant increase in stock on market.
Real Estate Investar noted that the number of houses in the area increased from 10 to 18 over a 12-month period. This may have been a response to the needs of the house market in Hobart as demand increases with property affordability and a strengthening local economy. By contrast, unit supply was consistent.
CoreLogic points out that the new housing stock has caused prices in Chigwell to drop slightly, pulling the median house price to $206,000. Nonetheless, this may turn out to be a benefit for investors – the low price is coupled with a remarkably high yield of nearly 8%, which should allow them to turn a profit. Moreover, Chigwell is just a 20-minute drive from the Hobart CBD. As a result, the average vacancy rate is a very low 1.25%, indicating that demand is strongClose