Kingston has had a pretty average year for property investment returns compared to the rest of TAS, giving investors a capital gain of 3.59% to date .
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Kingston has increased when compared to the 5 year average annual rate.
Kingston, 7050 is offering TAS ‘s 137th most discounted properties when looking at the average discount being offered by vendors. This puts it in the bottom 20% of discounts offered by this TAS.
In the last year 162 properties changed hands in Kingston, which puts it as the 4th most active market in TAS when comparing the number of sales per suburb.
With the median price for a house in Kingston being $390000 and the advertised rent reaching $370 the gross rental yield for property investors calculates out to be 4.93%
At number 746th in the list of Australian suburbs ordered by increase in median house value over the last year, Kingston, 7050 is in the top half with a property value increase of 4.31% recorded in median house prices.
A 0.83% growth in median value for property investors in Kingston,7050 puts this suburb at number 42th in terms of best performing suburbs in TAS
Sellers are offering property buyers an average discount of -5.23% to buyers in Kingston at the moment, which is less than average for the rest of TAS.
On average over the past year, suburb has had 6.92 sales per month, which equates to 83 per year.
Advertised rents are around the $315 mark per week – giving a return of 5.41% based on the median price in 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.