Property value increases in Old Beach have tracked just lower than the TAS average of 7.30% over the last 12 months.
Comparing Old Beach,7017 ‘s 5year and quarterly average capital gain offered to property investors, it performed less well across the longer period
Sellers are offering property buyers an average discount of -5.45% to buyers in Old Beach at the moment, which is less than average for the rest of TAS.
Advertised rents are around the $420 mark per week – giving a return of 4.85% based on the median price in Suburb
TAS has seen average median house prices change by 2.66% which means that Old Beach, 7017 has done well for property investors by showing a capital gain of 10.94% over the last year
When looking at the potential capital gains offered to property investors over the last 3 years, Old Beach comes in at number 27th in TAS.
With the median price for a house in Old Beach being $355000 and the advertised rent reaching $377.5 the gross rental yield for property investors calculates out to be 5.53%
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Information supplied by:
June 2018
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Housing stock plummets in Hobart suburb
Postcode: 7017
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.