With a capital gain of 2.95% for the last 12 months, Sandy Bay, 7005 has performed for property investments than its average annual 3.75% property growth over the last 5 years.
Across a shorter period, Sandy Bay, 7005 has seen a median price increase of -0.95% over the last quarter.
Property investors looking for a bargain in Sandy Bay should be aiming for at least -5.34% off the asking price, which is the average vendor discount being achieved at the moment.
Often selling an investment property can take time, and in Sandy Bay the average time real estate has been on the market is 55.619 days.
If you compare the increase in value of investment property in Sandy Bay, 7005 to the rest of Australia, it performed somewhat poorly. The median increase in value, or capital gain property investors experienced for this TAS suburb was -3.39%.
Taking the average capital gain, or increase in median house value, Sandy Bay,7005 has racked up an average of -3.39% over the period. This ranks it number 450th in the whole country for real estate investors looking at median house price increases.
Our latest figures would indicate that property sellers in Sandy Bay are currently offering property investors an average price cut of -5.70% below the asking price at the moment.
At number 76 in a list of fastest selling suburbs, Sandy Bay is in the TOP 10% of suburbs in Australia with an average of days on market 38.0638 for properties listed there.
Using the current median advertised rental of $450 and the average annual increase in value of a median property of 4.47%, investors should hope to achieve an overall return of 4.11%
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Sandy Bay is a prestigious suburb located 3km south of the Hobart CBD and hosts the majority of the region’s million-dollar homes. It also boasts fantastic infrastructure, including a number of major supermarkets, excellent public and private schools for both boys and girls, great public transport access to Hobart and a vibrant restaurant and shopping strip. Australia’s first casino, Wrest Point, is located in Sandy Bay.
Recent buying activity in Sandy Bay has far outstripped that of its prime suburb peers. One selling point is the University of Tasmania, located on Churchill Avenue, which means there is no shortage of students and academics requiring housing. This adds a rental element to an area that would otherwise be suited more to capital growth investments.
Robbie Yeoland from Key Property Management believes the suburb is clearly divided into two sections: an older style area, which is on the water side and a modern area, situated above the university and Churchill Avenue.
“Sandy Bay Road and Churchill Avenue run parallel to each other,” Yeoland says. “While there is a separation in styles, nearly every property has a water view and all the major players in real estate are in Sandy Bay.”