Suburb Profile Report for New Town TAS (7008)

New Town House: Median price $592,750, Annual capital growth 5.65%, Number of sales 90, Weekly median advertised rent $498

New Town Unit: Median price $294,810, Annual capital growth 3.40%, Number of sales 32, Weekly median advertised rent $325

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

Source: CoreLogic

  • House Report
  • Unit Report
  • Expert Report

New Town, 7008 ranked 59th in TAS when comparing growth in median property values or capital gain over the last 12 months. New Town is one of 606 in our list for TAS

Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in New Town has increased when compared to the 5 year average annual rate.

Our latest figures would indicate that property sellers in New Town are currently offering property investors an average price cut of -5.61% below the asking price at the moment.

New Town, 7008’s gross rental yield is 4.36%

New Town has had a pretty average year for property investment returns compared to the rest of TAS, giving investors a capital gain of 10.00% to date .

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

State is the 5th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -4.77% offered to property buyers. Sellers in New Town itself are offering an average vendor discount of -4.55% to real estate investors.

On average over the past year, suburb has had 2.67 sales per month, which equates to 32 per year.

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

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
$592,750 $294,810
3.90% -2.38%
16.23% 10.00%
5.65% 3.40%
$498 $325
90 32
4.36% 5.73%
26.81 23.7

Source: CoreLogic

DSR Score for property investment : Good (H), Very good (U)
Find a mortgage broker in New Town TAS
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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