Property value increases in New Norfolk have tracked close to the TAS average of 10.74% over the last 12 months.
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in New Norfolk has increased when compared to the 5 year average annual rate.
Property investors looking for a bargain in New Norfolk should be aiming for at least -3.93% off the asking price, which is the average vendor discount being achieved at the moment.
With the median price for a house in New Norfolk being $230001 and the advertised rent reaching $300 the gross rental yield for property investors calculates out to be 6.78%
Giving property investors a a stable capital gain of 7.79% for the last year, New Norfolk, 7140 is the 477th highest performer in Australia in this respect.
Over the longer term, New Norfolk has seen property prices show investors a 4.40% return over the last 3 years. This is an improvement over the last 12 months
Property buyers and investors in New Norfolk 7140 should be seeing an average reduction in asking price of around -6.19% . This means that New Norfolk is holding prices well when compared to other suburbs in TAS.
In the last year 30 properties changed hands in New Norfolk, which puts it as the 24th most active market in TAS when comparing the number of sales per suburb.
Property investors should expect to get $242.5 weekly from the median priced house in this suburb.
A lively suburb situated on the River Derwent, New Norfolk is regarded as a must-see heritage destination in TasmaniaFull summary
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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%.Close