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.
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
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. Close