Over the last year, property investments in Newtown, 2042 have given investors a capital gain of 6.87%. This compares averagely with the 6.02% for NSW as a whole.
Comparing Newtown,2042 ‘s 5year and quarterly average capital gain offered to property investors, it performed less well across the longer period
The most recent median price for Newtown is $1400000, with sellers offering an average of -4.67% off the asking price.
Situated 4.45km from the CBD, Newtown is one of Inner West (A) localities in the postcode 2042.
Newtown, 2042 ranked 141th 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
While Newtown,2042 ranked number 104th in NSW for increase in median house value (annualised) increase, it is ranked 356th over the last 5 years.
Sellers are offering property buyers an average discount of -4.02% to buyers in Newtown at the moment, which is less than average for the rest of NSW.
Information supplied by:
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