Suburb Profile Report for New Town TAS (7008)

New Town House: Median price $675,000, Annual capital growth 6.15%, Number of sales 63, Weekly median advertised rent $550

New Town Unit: Median price $400,000, Annual capital growth 4.84%, Number of sales 53, Weekly median advertised rent $365

  • House
  • Unit
Source: CoreLogic RP Data
  • Median price
  • Number of sales

Source: Monthly data update for Feb 2020 as supplied by CoreLogic. Data is reported to the period ending Nov 2019. Please note that property sales data is routinely updated, so may change retrospectively.

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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:


September 2017

M
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W
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Vacancies down in affordable suburb

Postcode: 7008

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. 

Metrics i HOUSE UNIT
$675,000 $400,000
-0.53% 8.11%
7.14% 12.36%
6.15% 4.84%
$550 $365
63 53
4.24% 4.75%
31.9565217391304 40.75

Source: Monthly data update for Feb 2020 as supplied by CoreLogic. Data is reported to the period ending Nov 2019. Please note that property sales data is routinely updated, so may change retrospectively.

DSR Score for property investment : Good (H), Good (U)
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Demographics
Total population 5968
Median household income ($/weekly) 1038
Median age of persons 41
Median housing loan repayment ($/monthly) 1625
Average household size 2.2
  • Census Count Percent(%)
    5-14 years 656 11.0
    25-34 years 706 11.8
    35-44 years 880 14.7
    45-54 years 876 14.7
    55-64 years 722 12.1
    Others 2129 35.7
    Age Group
    Census Count Percent(%)
    Not Married 2111 50.1
    Registered Married 1685 40.0
    Defacto Relationship 421 10.0
    Social Marital Status
  • Census Count Percent(%)
    Australia 4657 82.2
    Indonesia 84 1.5
    Japan 56 1.0
    United Kingdom 249 4.4
    Other 220 3.9
    Others 402 7.1
    Country of Birth
    Census Count Percent(%)
    Buddhism 91 1.7
    Christianity 3265 60.0
    Hinduism 65 1.2
    Islam 42 0.8
    No Religion 1931 35.5
    Others 48 0.9
    Religious Affiliation
  • Census Count Percent(%)
    $300-$399 244 11.0
    $400-$599 250 11.3
    $600-$799 213 9.6
    $1,500-$1,999 251 11.3
    $2,000-$2,499 195 8.8
    Others 1068 48.1
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Not in the labour force 1827 38.3
    Employed, worked full-time 1625 34.0
    Employed, worked part-time 985 20.6
    Unemployed, looking for work 182 3.8
    Employed, away from work 156 3.3
    Person Characteristics
  • Census Count Percent(%)
    Managers 370 13.4
    Professionals 861 31.1
    Technicians & trades workers 315 11.4
    Community & personal service workers 316 11.4
    Clerical & administrative workers 390 14.1
    Others 515 18.6
    Occupation
    Census Count Percent(%)
    Infants/Primary 437 31.9
    Secondary 350 25.5
    Technical or Further Educational Institution 163 11.9
    University or other Tertiary Institutions 345 25.2
    Other type of educational institution 45 3.3
    Others 30 2.2
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 4017 76.9
    Flat, unit or apartment 886 17.0
    Semi-detached, row or terrace house, townhouse 285 5.5
    House or flat attached to a shop, office 36 0.7
    Caravan, cabin, houseboat 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Rented 939 39.5
    Being purchased 718 30.2
    Fully owned 699 29.4
    Other tenure type 20 0.8
    Tenure Type
Census 2011, ABS
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