Suburb Profile Report for West Hobart TAS (7000)

West Hobart House: Median price $706,000, Annual capital growth 5.91%, Number of sales 78, Weekly median advertised rent $550

West Hobart Unit: Median price $535,000, Annual capital growth 5.50%, Number of sales 28, Weekly median advertised rent $400

  • House
  • Unit
Source: CoreLogic RP Data
  • Median price
  • Number of sales

Source: Monthly data update for Oct 2019 as supplied by CoreLogic. Data is reported to the period ending Jul 2019. Please note that property sales data is routinely updated, so may change retrospectively.

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  • House Report
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At number 1228th in the list of Australian suburbs ordered by increase in median house value over the last year, West Hobart, 7000 is in the top 40% with a property value increase of 2.92% recorded in median house prices.

West Hobart,7000 has offered an average of 2.92% return per annum in house price rises to property investors over the last three years.

The most recent median price for West Hobart is $706000, with sellers offering an average of -5.49% off the asking price.

At number 12 in a list of fastest selling suburbs, West Hobart is in the TOP 10% of suburbs in Australia with an average of days on market 24.7667 for properties listed there.

Using the current median advertised rental of $550 and the average annual increase in value of a median property of 5.91%, investors should hope to achieve an overall return of 4.05%

If you compare the increase in value of investment property in West Hobart, 7000 to the rest of Australia, it performed quite well. The median increase in value, or capital gain property investors experienced for this TAS suburb was 4.29%.

Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in West Hobart has increased when compared to the 5 year average annual rate.

Situated 1.46km from the CBD, West Hobart is one of Hobart (C) localities in the postcode 7000.

Information supplied by:


November 2017

M
O

W
E

Apartment market reflect growth

Postcode: 7000

Median unit price: $451,125

Three-year growth: 29.8%

Rental yield: 4.4%

Just minutes from the Hobart CBD, this eccentric, bohemian suburb was once considered a working-class area but is now prized by commuters for its beautiful Federation-era homes and spectacular river views.

West Hobart’s median unit price in May 2017 has grown almost 30% in the last 12 months to reach $426,250, reflecting Hobart’s recent strong growth run. The area is also popular with families, with several excellent primary schools close by and a Catholic college catering to Year 11 and 12 students. Nearby North Hobart has an array of restaurants along its main strip. City workers favour the area due to the easy commute, while for students it is just a short bus trip to the University of Tasmania Sandy Bay campus.

 

Metrics i HOUSE UNIT
$706,000 $535,000
-0.91% 0.00%
2.92% 4.29%
5.91% 5.50%
$550 $400
78 28
4.05% 3.89%
24.7666666666667 29.8571428571429

Source: Monthly data update for Oct 2019 as supplied by CoreLogic. Data is reported to the period ending Jul 2019. Please note that property sales data is routinely updated, so may change retrospectively.

DSR Score for property investment : Very good (H), Good (U)
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Demographics
Total population 5800
Median household income ($/weekly) 1345
Median age of persons 37
Median housing loan repayment ($/monthly) 1625
Average household size 2.3
  • Census Count Percent(%)
    5-14 years 664 11.4
    25-34 years 842 14.5
    35-44 years 920 15.9
    45-54 years 897 15.5
    55-64 years 705 12.2
    Others 1772 30.6
    Age Group
    Census Count Percent(%)
    Not Married 2087 47.9
    Registered Married 1690 38.8
    Defacto Relationship 579 13.3
    Social Marital Status
  • Census Count Percent(%)
    Australia 4544 82.6
    Croatia 39 0.7
    Papua New Guinea 78 1.4
    United Kingdom 322 5.9
    Other 141 2.6
    Others 380 6.9
    Country of Birth
    Census Count Percent(%)
    Buddhism 83 1.6
    Christianity 2349 45.1
    Islam 31 0.6
    Other Religious Groups 47 0.9
    No Religion 2681 51.5
    Others 19 0.4
    Religious Affiliation
  • Census Count Percent(%)
    $400-$599 210 9.7
    $1,000-$1,249 190 8.8
    $1,500-$1,999 288 13.3
    $2,000-$2,499 212 9.8
    $2,500-$2,999 195 9.0
    Others 1070 49.4
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Employed, worked full-time 1849 40.4
    Not in the labour force 1259 27.5
    Employed, worked part-time 1135 24.8
    Employed, away from work 170 3.7
    Unemployed, looking for work 164 3.6
    Person Characteristics
  • Census Count Percent(%)
    Managers 428 13.6
    Professionals 1266 40.2
    Technicians & trades workers 289 9.2
    Community & personal service workers 316 10.0
    Clerical & administrative workers 406 12.9
    Others 443 14.1
    Occupation
    Census Count Percent(%)
    Pre-school 45 3.0
    Infants/Primary 475 31.5
    Secondary 324 21.5
    Technical or Further Educational Institution 137 9.1
    University or other Tertiary Institutions 497 32.9
    Others 32 2.1
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 4394 80.9
    Flat, unit or apartment 541 10.0
    Semi-detached, row or terrace house, townhouse 474 8.7
    House or flat attached to a shop, office 20 0.4
    Caravan, cabin, houseboat 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Rented 868 36.7
    Fully owned 746 31.5
    Being purchased 738 31.2
    Other tenure type 13 0.5
    Tenure Type
Census 2011, ABS
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