Investment property in Sandy Bay has done not badly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of 1.16%
Sandy Bay,7005 has offered an average of 1.16% return per annum in house price rises to property investors over the last three years.
At number 20th of TAS’s most discounted properties, Sandy Bay is in the bottom 20% of the state/territory when listing in order of most discounted to least.
Using the current median advertised rental of $650 and the average annual increase in value of a median property of 5.36%, investors should hope to achieve an overall return of 3.70%
Sandy Bay has had a pretty good year for property investment returns compared to the rest of TAS, giving investors a capital gain of 9.20% to date .
Sandy Bay,7005 was ranked 296 in Australia by increase in median property value over the quarter.
Sellers are offering property buyers an average discount of -6.59% to buyers in Sandy Bay at the moment, which is less than average for the rest of TAS.
Renters in Suburb are facing rents around $22880 per annum or $440 every week.
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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.”