Over the last year, property investments in Chigwell, 7011 have given investors a capital gain of 2.87%. This compares badly with the 6.13% for TAS as a whole.
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Chigwell has increased when compared to the 5 year average annual rate.
Property buyers and investors in Chigwell 7011 should be seeing an average reduction in asking price of around -7.60% . This means that Chigwell is holding prices well when compared to other suburbs in TAS.
Advertised rents are around the $305 mark per week – giving a return of 7.38% based on the median price in Suburb
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
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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