Property investors who have had real estate in Kingston, 7050 should be ok 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 6.66%
Across a shorter period, Kingston, 7050 has seen a median price increase of 2.03% 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 Kingston itself are offering an average vendor discount of -4.41% to real estate investors.
Often selling an investment property can take time, and in Kingston the average time real estate has been on the market is 63.23 days.
Using the current median advertised rental of $380 and the average annual increase in value of a median property of 4.04%, investors should hope to achieve an overall return of 4.94%
Giving property investors a a stable capital gain of 6.60% for the last year, Kingston, 7050 is the 591th highest performer in Australia in this respect.
The five-year average increase in median property values for Kingston,7050 has given property investors a potential capital gain of 6.78% across each of those five years.
Sellers are offering property buyers an average discount of -4.47% to buyers in Kingston at the moment, which is less than average for the rest of TAS.
Property investors should expect to get $320 weekly from the median priced house in this suburb.
Kingston could be well positioned for long-term capital growth, with plenty of large scale infrastructure projects on the cards, including a shopping mall upgrade and a new bypass. Recent demand reflects this and the rental market remains especially tight.Full summary
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Kingston is a town of around 10,000 people 10km south of Hobart. Access to the city is via the Southern Outlet Road or the scenic Channel Highway. The town is within easy reach of the Derwent river, with Kingston Beach being a popular destination for dog walking, sailing and other water sports.
There are a number of schools in the town as well as several shopping centres: one of these, the Channel Court Shopping Centre, is currently undergoing a $23m redevelopment which will make it one of the region’s largest shopping centres.
The rental market in Kingston is very tight at just 0.85% vacancy rates according to DSRscore.com.au. Gross rental yield is currently sitting at 4.59% but rental shortage is expected to lift this higher over the near to medium term.
Rob Zubin, principal of My Property Hunter, reckons Kingston is well-positioned for long-term capital growth. It’s already among the top four performers in the state for capital growth, and further infrastructure development – including a new bypass, sports complex and school upgrades will stimulate further growth and buyer demand, including from retirees.
He recommends targeting single-level residences with no steps in order to broaden your property appeal to include older tenants and purchasers.
DSRscore.com.au agrees with this upbeat outlook. Based on the existing demand and supply situation, it calculates house prices to grow by an average 8% each year over the next two to three years.