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.
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
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Vacancies down in affordable suburb
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