New Town has had a pretty average year for property investment returns compared to the rest of TAS, giving investors a capital gain of 8.00% to date .
Over the longer term, New Town has seen property prices show investors a 39.18% return over the last 3 years. This is worse than over the last 12 months
New Town7008 is located in TAS which offers an average discount of -5.70% to property investors. New Town itself is showing figures that indicate -8.70% is the average achievable by property buyers investing in the suburb.
Often selling an investment property can take time, and in New Town the average time real estate has been on the market is 32 days.
A $550 per week rent on the median house gives suburb investors a gross yield of circa 4.24%, without taking into account capital value appreciation, which has been averaging out at 6.30%.
At number 300th in the list of Australian suburbs ordered by increase in median house value over the last year, New Town, 7008 is in the top 20% with a property value increase of 5.97% recorded in median house prices.
New Town,7008 has offered an average of 5.97% return per annum in house price rises to property investors over the last three years.
At number 45 in a list of fastest selling suburbs, New Town is in the TOP 10% of suburbs in Australia with an average of days on market 42.4483 for properties listed there.
Information supplied by:
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.