Property investors who have had real estate in New Town, 7008 should be 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 7.14%
Comparing New Town,7008 ‘s 5year and quarterly average capital gain offered to property investors, it performed less well across the longer period
Our latest figures would indicate that property sellers in New Town are currently offering property investors an average price cut of -9.47% below the asking price at the moment.
Advertised rents are around the $550 mark per week – giving a return of 4.24% based on the median price in Suburb
New Town has had a pretty good year for property investment returns compared to the rest of TAS, giving investors a capital gain of 12.36% to date .
New Town,7008 has offered an average of 12.36% return per annum in house price rises to property investors over the last three years.
On average over the past year, suburb has had 4.42 sales per month, which equates to 53 per year.
Renters in Suburb are facing rents around $18980 per annum or $365 every week.
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.