Property value increases in Old Beach have tracked just higher than the TAS average of 18.88% over the last 12 months.
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Old Beach has increased when compared to the 5 year average annual rate.
Old Beach is 79th on a list of best yielding suburbs for rents in TAS with a 4.16% return
Investment property in Old Beach 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 22.06%
Old Beach,7017 was ranked 172 in Australia by increase in median property value over the quarter.
Renters in Suburb are facing rents around $21840 per annum or $420 every week.
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Housing stock plummets in Hobart suburb
Median house price: $400,000
Stock on market: -59.6%
12-month growth: 3.9%
Housing supply in the suburb of Old Beach nosedives by nearly 50% in the 12 months leading up to March 2018.
The number of houses on the market went from 51 in March 2017 to just 18 one year later. As a suburb of Hobart, Old Beach seems to be following the city’s overall trend of tightening supply – a strategy that has been paying off given the consistent pattern of growth reported since 2013. Even then, houses remain affordable at a median price of $400,000.
Houses stay on the market for less than 60 days; although this doesn’t indicated an incredibly strong level of demand, it is relatively balanced. In addition, rental returns for investors are high at 5.1%.
Old Beach is situated next to the Derwent River. It is also just 7km from the Baskerville Raceway.