If you compare the increase in value of investment property in New Norfolk, 7140 to the rest of Australia, it performed very well. The median increase in value, or capital gain property investors experienced for this TAS suburb was 17.13%.
New Norfolk,7140 has offered an average of 17.13% return per annum in house price rises to property investors over the last three years.
Vendor discounting in New Norfolk is giving property investors an average Vendor Discount of around -4.87%. This puts suburb at number 66th in TAS when ranking the most discounted suburbs.
With the median price for a house in New Norfolk being $251830 and the advertised rent reaching $310 the gross rental yield for property investors calculates out to be 6.40%
Property value increases in New Norfolk have tracked just higher than the TAS average of 6.67% over the last 12 months.
New Norfolk,7140 has offered an average of 14.63% return per annum in house price rises to property investors over the last three years.
Situated 24.46km from the CBD, New Norfolk is one of Derwent Valley (M) localities in the postcode 7140.
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Housing supply nosedives
Median house price: $219,000
Stock on market: -58.1%
12-month growth: 6.8%
A lively suburb situated on the River Derwent, New Norfolk is regarded as a must-see heritage destination in Tasmania.
The suburb is considered the third-oldest settlement in the state, and contains many historical buildings, including one of the oldest pubs in the country, as well as St Matthews, acknowledged as the oldest Anglican church in Australia. A traditional village square decorates the suburb. New Norfolk has also always been known for the cultivation of hops, and this industry continues to thrive to this day.
Houses here are remarkably affordable at a median price of only $219,000. Despite the low values, New Norfolk is on a consistent growth trend. With housing stock on the market plummeting from 57 in June 2017 to just 25 in June 2018, demand is expected to increase even more, especially with the average rental yield being so high at 7%.