At number 1041th in the list of Australian suburbs ordered by increase in median house value over the last year, Newnham, 7248 is in the top 30% with a property value increase of 10.96% recorded in median house prices.
Newnham,7248 was ranked 1438 in Australia by increase in median property value over the quarter.
The most recent median price for Newnham is $259500, with sellers offering an average of -5.25% off the asking price.
Using the current median advertised rental of $300 and the average annual increase in value of a median property of 1.73%, investors should hope to achieve an overall return of 6.01%
Property value increases in Newnham have tracked just lower than the TAS average of 10.25% over the last 12 months.
Comparing Newnham,7248 ‘s 5year and quarterly average capital gain offered to property investors, it performed less well across the longer period
State is the 7th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -4.20% offered to property buyers. Sellers in Newnham itself are offering an average vendor discount of -4.42% to real estate investors.
Property investors should expect to get $235 weekly from the median priced house in this suburb.
On the eastern edge of the Tamar River in Launceston, Newnham is home to the University of Tasmania Launceston Campus, and the Australian Maritime CollegeFull summary
Information supplied by:
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%.Close