At number 837th in the list of Australian suburbs ordered by increase in median house value over the last year, Newnham, 7248 is in the top 20% with a property value increase of 9.70% recorded in median house prices.
Newnham,7248 has offered an average of 9.70% return per annum in house price rises to property investors over the last three years.
Vendor discounting in Newnham is giving property investors an average Vendor Discount of around -4.83%. This puts suburb at number 59th in TAS when ranking the most discounted suburbs.
At number 713 in a list of fastest selling suburbs, Newnham is in the TOP 20% of suburbs in Australia with an average of days on market 47.15 for properties listed there.
Newnham is in the TOP 20% in TAS when comparing median price capital growth over the last year. Newnham gave property investors a very good capital gain figure when compared to the rest of the state, with 20.17%.
Newnham,7248 has offered an average of 20.17% return per annum in house price rises to property investors over the last three years.
Newnham, 7248 is offering TAS ‘s 12th most discounted properties when looking at the average discount being offered by vendors. This puts it in the middle of discounts offered by this TAS.
Property investors should expect to get $240 weekly from the median priced house in this suburb.
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Limited stock could create bargains
Median unit price: $175,000
Stock on market: 55.8%
12-month growth: -8.1%
On the eastern edge of the Tamar River in Launceston, Newnham is home to the University of Tasmania Launceston Campus, and the Australian Maritime College.
Situated 6km from the CBD, the suburb has seen stock on the market decrease by 25.3% over the past twelve months, with just 51 houses and 8 units listed for sale this year. Units are currently spending around 119 days on the market, and have dropped 8.1% in value since this time last year, to a median of $175,000.
The median house price is currently $239,000 down 6.3% in twelve months, and homes are listed for an average of 94 days prior to sale. Homes for sale in Newnham attract less than half the number of visitors than the Tassie average, which, while frustrating for sellers, could be an opportunity for savvy investors to score a bargain – particularly given that houses are currently given landlords yields of 6.3%, while units are reaching 6.8%.