Suburb Profile Report for New Town TAS (7008)

New Town House: Median price $620,500, Annual capital growth 5.56%, Number of sales 72, Weekly median advertised rent $493

New Town Unit: Median price $318,500, Annual capital growth 4.15%, Number of sales 30, Weekly median advertised rent $330

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

Investment property in New Town has done well for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of 16.31%

Comparing New Town,7008 ‘s 5year and quarterly average capital gain offered to property investors, it performed less well across the longer period

Vendor discounting in New Town is giving property investors an average Vendor Discount of around -5.55%. This puts suburb at number 68th in TAS when ranking the most discounted suburbs.

Advertised rents are around the $492.5 mark per week – giving a return of 4.13% based on the median price in Suburb

Property investors who have had real estate in New Town, 7008 should be relatively pleased with this TAS suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices increase in value by 9.83%

New Town,7008 has offered an average of 9.83% return per annum in house price rises to property investors over the last three years.

Vendor discounting in New Town is giving property investors an average Vendor Discount of around -4.09%. This puts suburb at number 25th in TAS when ranking the most discounted suburbs.

In the last year 30 properties changed hands in New Town, which puts it as the 21th most active market in TAS when comparing the number of sales per suburb.

Information supplied by:


September 2017

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Contrary to its name, New Town is actually one of the oldest suburbs in Hobart, which is just 4km away. This proximity to the CBD is a significant factor in the tightening of vacancies in the suburb.Full summary

Vacancies down in affordable suburb

Postcode: 7008

Median unit price: $275,000

Vacancy rate: 1.06%

Three-year growth: 19.6%

Contrary to its name, New Town is actually one of the oldest suburbs in Hobart, which is just 4km away. This proximity to the CBD is a significant factor in the tightening of vacancies in the suburb.

New Town’s strong performance over the past few years is another reason for the demand. The unit market has been growing consistently over the recent five-year period, with the June 2017 quarter alone recording 7.4% growth. Such properties spend only a short time on sale before getting snapped up at low discount rates, likely because investors are drawn to the high potential yield of 5.5%.

The suburb is populated with Federation-style homes. New Town Primary School, like its home, is over a century old. Centro New Town Plaza covers residents’ shopping needs. New Town Road, which is connected to Hobart’s Elizabeth Street, links the capital to Glenorchy. 

Close
Metrics i HOUSE UNIT
$620,500 $318,500
3.85% 3.13%
16.31% 9.83%
5.56% 4.15%
$493 $330
72 30
4.13% 5.39%
22.15 26.2

Source: CoreLogic

DSR Score for property investment : Very good (H), Very good (U)
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Demographics
Total population 5968
Median household income ($/weekly) 1038
Median age of persons 41
Median housing loan repayment ($/monthly) 1625
Average household size 2.2
  • Census Count Percent(%)
    5-14 years 656 11.0
    25-34 years 706 11.8
    35-44 years 880 14.7
    45-54 years 876 14.7
    55-64 years 722 12.1
    Others 2129 35.7
    Age Group
    Census Count Percent(%)
    Not Married 2111 50.1
    Registered Married 1685 40.0
    Defacto Relationship 421 10.0
    Social Marital Status
  • Census Count Percent(%)
    Australia 4657 82.2
    Indonesia 84 1.5
    Japan 56 1.0
    United Kingdom 249 4.4
    Other 220 3.9
    Others 402 7.1
    Country of Birth
    Census Count Percent(%)
    Buddhism 91 1.7
    Christianity 3265 60.0
    Hinduism 65 1.2
    Islam 42 0.8
    No Religion 1931 35.5
    Others 48 0.9
    Religious Affiliation
  • Census Count Percent(%)
    $300-$399 244 11.0
    $400-$599 250 11.3
    $600-$799 213 9.6
    $1,500-$1,999 251 11.3
    $2,000-$2,499 195 8.8
    Others 1068 48.1
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Not in the labour force 1827 38.3
    Employed, worked full-time 1625 34.0
    Employed, worked part-time 985 20.6
    Unemployed, looking for work 182 3.8
    Employed, away from work 156 3.3
    Person Characteristics
  • Census Count Percent(%)
    Managers 370 13.4
    Professionals 861 31.1
    Technicians & trades workers 315 11.4
    Community & personal service workers 316 11.4
    Clerical & administrative workers 390 14.1
    Others 515 18.6
    Occupation
    Census Count Percent(%)
    Infants/Primary 437 31.9
    Secondary 350 25.5
    Technical or Further Educational Institution 163 11.9
    University or other Tertiary Institutions 345 25.2
    Other type of educational institution 45 3.3
    Others 30 2.2
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 4017 76.9
    Flat, unit or apartment 886 17.0
    Semi-detached, row or terrace house, townhouse 285 5.5
    House or flat attached to a shop, office 36 0.7
    Caravan, cabin, houseboat 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Rented 939 39.5
    Being purchased 718 30.2
    Fully owned 699 29.4
    Other tenure type 20 0.8
    Tenure Type
Census 2011, ABS
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