New Town has had a pretty good year for property investment returns compared to the rest of TAS, giving investors a capital gain of 13.94% to date .
New Town,7008 was ranked 526 in Australia by increase in median property value over the quarter.
At number 89th of TAS’s most discounted properties, New Town is in the TOP 20% of the state/territory when listing in order of most discounted to least.
Residents and property investors in New Town have been waiting around 20.5 days to sell a property.
Investment property in New Town has done well for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of 9.26%
New Town,7008 has offered an average of 9.26% return per annum in house price rises to property investors over the last three years.
Situated 3.11km from the CBD, New Town is one of Hobart (C) localities in the postcode 7008.
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
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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