Chigwell is an average performer in TAS when comparing median price capital growth over the last year. Chigwell gave property investors a average capital gain figure when compared to the rest of the state, with 8.92%.
Across a shorter period, Chigwell, 7011 has seen a median price increase of 1.72% over the last quarter.
Property investors looking for a bargain in Chigwell should be aiming for at least -6.62% off the asking price, which is the average vendor discount being achieved at the moment.
Using the current median advertised rental of $350 and the average annual increase in value of a median property of 3.58%, investors should hope to achieve an overall return of 6.85%
Despite a general state-wide trend of low supply in Tasmania, the suburb of Chigwell in the northern suburbs area of Hobart recorded a significant increase in stock on market.Full summary
Information supplied by:
Median house price: $206,000
Stock on market: 61.5%
12-month growth: -0.72%
Despite a general state-wide trend of low supply in Tasmania, the suburb of Chigwell recorded a significant increase in stock on market.
Real Estate Investar noted that the number of houses in the area increased from 10 to 18 over a 12-month period. This may have been a response to the needs of the house market in Hobart as demand increases with property affordability and a strengthening local economy. By contrast, unit supply was consistent.
CoreLogic points out that the new housing stock has caused prices in Chigwell to drop slightly, pulling the median house price to $206,000. Nonetheless, this may turn out to be a benefit for investors – the low price is coupled with a remarkably high yield of nearly 8%, which should allow them to turn a profit. Moreover, Chigwell is just a 20-minute drive from the Hobart CBD. As a result, the average vacancy rate is a very low 1.25%, indicating that demand is strongClose