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:
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.