With a capital gain of 3.50% for the last 12 months, Sandy Bay, 7005 has performed for property investments than its average annual 4.05% property growth over the last 5 years.
Across a shorter period, Sandy Bay, 7005 has seen a median price increase of 3.50% over the last quarter.
State is the 7th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -5.35% offered to property buyers. Sellers in Sandy Bay itself are offering an average vendor discount of -6.50% to real estate investors.
Advertised rents are around the $622.5 mark per week – giving a return of 3.43% based on the median price in Suburb
TAS has seen average median house prices change by 6.31% which means that Sandy Bay, 7005 has done well for property investors by showing a capital gain of 4.56% over the last year
Taking the average capital gain, or increase in median house value, Sandy Bay,7005 has racked up an average of 4.56% over the period. This ranks it number 211th in the whole country for real estate investors looking at median house price increases.
Vendor discounting in Sandy Bay is giving property investors an average Vendor Discount of around -5.63%. This puts suburb at number 3rd in TAS when ranking the most discounted suburbs.
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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.”