Suburb Profile Report for New Town TAS (7008)

New Town House: Median price $805,000, Annual capital growth 6.49%, Number of sales 67, Weekly median advertised rent $550

New Town Unit: Median price $430,000, Annual capital growth 5.21%, Number of sales 37, Weekly median advertised rent $360

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

Source: Monthly data update for Sep 2021 as supplied by CoreLogic. Data is reported to the period ending Jun 2021. Please note that property sales data is routinely updated, so may change retrospectively.

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  • House Report
  • Unit Report

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 18.21%

The five-year average increase in median property values for New Town,7008 has given property investors a potential capital gain of 68.41% across each of those five years.

When looking to buy, or assessing what properties are really achieving at sale, it's essential for property investors to take into account what discounts are being offered in New Town, 7008. Typically our figures indicate that -6.75% is being offered, which puts this TAS suburb at 279th most discounted overall in Australia.

The TAS suburb of New Town, 7008 is in the Hobart (C) local government area.

TAS has seen average median house prices change by 8.44% which means that New Town, 7008 has done well for property investors by showing a capital gain of -3.80% over the last year

If we look at median property appreciation over just the last three months, New Town has given property investors a paper return of 0.00%. This puts Suburb as 44 on a list of fastest fasting appreciating suburbs in TAS

New Town is 50th on a list of best yielding suburbs for rents in TAS with a 4.35% return

Information supplied by:


September 2017

M
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W
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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. 

Metrics i HOUSE UNIT
$805,000 $430,000
8.05% 0.00%
18.21% -3.80%
6.49% 5.21%
$550 $360
67 37
3.55% 4.35%
40.2978723404255 21.4761904761905

Source: Monthly data update for Sep 2021 as supplied by CoreLogic. Data is reported to the period ending Jun 2021. Please note that property sales data is routinely updated, so may change retrospectively.

DSR Score for property investment : Very good (U), Good (H)
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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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