Giving property investors a an unimpressive capital gain of -6.09% for the last year, Newtown, 2042 is the 2804th highest performer in Australia in this respect.
A 34.36% growth in median value for property investors in Newtown,2042 puts this suburb at number 344th in terms of best performing suburbs in NSW
Our latest figures would indicate that property sellers in Newtown are currently offering property investors an average price cut of -8.68% below the asking price at the moment.
On average over the past year, suburb has had 11.75 sales per month, which equates to 141 per year.
Advertised rents are around the $800 mark per week – giving a return of 3.18% based on the median price in Suburb
Newtown, 2042 ranked 172th in NSW when comparing growth in median property values or capital gain over the last 12 months. Newtown is one of 3163 in our list for NSW
Taking the average capital gain, or increase in median house value, Newtown,2042 has racked up an average of -2.07% over the period. This ranks it number 1163th in the whole country for real estate investors looking at median house price increases.
Newtown, 2042 is offering NSW ‘s 301th 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 NSW.
On average over the past year, suburb has had 7.33 sales per month, which equates to 88 per year.
A $495 per week rent on the median house gives suburb investors a gross yield of circa 3.95%, without taking into account capital value appreciation, which has been averaging out at 6.46%.
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Rich Harvey of www.propertybuyer.com.au has two words to describe Newtown: trendy and hip. “You’ve got the most diverse demographic in the suburb,” says Harvey. “You’ve got couples, singles, gays, students, recent migrants, as well as budding artist and writers. It’s really dynamic and vibrant.”
King Street, which is the main thoroughfare, has the highest concentration of shops and cafes in the area. The suburb is located close to Sydney University and Prince Alfred Hospital and has excellent transport via its own train station and regular bus services to the Sydney CBD.
“Some properties in Newtown have hit a premium, but I don’t think it’s going to dip that much because Newtown has a certain appeal to this demographic. A lot of people still prefer to live in Newtown than Enmore or Sydenham; even these suburbs are very close to Newtown because of its history and character,” says Harvey.
Newtown’s residents are mostly young, with an average age of 32 according to the ABS Census. A large proportion (54%) of residents rent, while a third are currently paying their mortgages and 16% fully-own their homes. Residents are also quite affluent, earning an average of $2,243 per week, compared to $1,367 across NSW.
While pricing for houses has hit a premium in Newtown, units are the affordable option at median price of just over $400,000.
At the current pricing for units, Jeremy Sheppard of DSRscore.com.au says Newtown is ripe for the picking, as it’s showing all the characteristics of a suburb about to emerge from a flat period while remaining relatively affordable.
Where to buy: Along Georgina St
Avoid: Close to the train line and near Stephens cemetery