Property value increases in Chigwell have tracked higher than the TAS average of 11.04% over the last 12 months.
Across a shorter period, Chigwell, 7011 has seen a median price increase of 10.34% over the last quarter.
Often selling an investment property can take time, and in Chigwell the average time real estate has been on the market is 20 days.
Renters in Suburb are facing rents around $18720 per annum or $360 every week.
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 strong