Sandy Bay is in the bottom 30% in TAS when comparing median price capital growth over the last year. Sandy Bay gave property investors a disappointing capital gain figure when compared to the rest of the state, with 3.33%.
Taking the average capital gain, or increase in median house value, Sandy Bay,7005 has racked up an average of 3.33% over the period. This ranks it number 530th in the whole country for real estate investors looking at median house price increases.
State is the 7th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -5.49% offered to property buyers. Sellers in Sandy Bay itself are offering an average vendor discount of -4.92% to real estate investors.
Advertised rents are around the $650 mark per week – giving a return of 3.71% based on the median price in Suburb
Sandy Bay is in the bottom 30% in TAS when comparing median price capital growth over the last year. Sandy Bay gave property investors a disappointing capital gain figure when compared to the rest of the state, with -1.35%.
Sandy Bay,7005 was ranked 987 in Australia by increase in median property value over the quarter.
Property buyers and investors in Sandy Bay 7005 should be seeing an average reduction in asking price of around -5.36% . This means that Sandy Bay is holding prices well when compared to other suburbs in TAS.
With the median price for a house in Sandy Bay being $511000 and the advertised rent reaching $420 the gross rental yield for property investors calculates out to be 4.27%
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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.”