Property investors who have had real estate in Old Beach, 7017 should be relatively 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 4.97%
Taking the average capital gain, or increase in median house value, Old Beach,7017 has racked up an average of 4.97% over the period. This ranks it number 621th in the whole country for real estate investors looking at median house price increases.
Property investors looking for a bargain in Old Beach should be aiming for at least -5.20% off the asking price, which is the average vendor discount being achieved at the moment.
Property investors should expect to get $450 weekly from the median priced house in this suburb.
With a capital gain of 1.02% for the last 12 months, Old Beach, 7017 has performed for property investments than its average annual 1.22% property growth over the last 5 years.
When looking at the potential capital gains offered to property investors over the last 3 years, Old Beach comes in at number 42th in TAS.
On average over the past year, suburb has had 1.75 sales per month, which equates to 21 per year.
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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.