Suburb Profile Report for New Norfolk TAS (7140)

New Norfolk House: Median price $261,000, Annual capital growth 3.44%, Number of sales 122, Weekly median advertised rent $330

New Norfolk Unit: Median price $234,994, Annual capital growth -3.51%, Number of sales 25, Weekly median advertised rent $303

  • House
  • Unit
Source: CoreLogic RP Data
  • Median price
  • Number of sales

Source: Monthly data update for Oct 2019 as supplied by CoreLogic. Data is reported to the period ending Jul 2019. Please note that property sales data is routinely updated, so may change retrospectively.

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Property investors who have had real estate in New Norfolk, 7140 should be 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 13.48%

While New Norfolk,7140 ranked number 72th in TAS for increase in median house value (annualised) increase, it is ranked 98th over the last 5 years.

The most recent median price for New Norfolk is $261000, with sellers offering an average of -5.67% off the asking price.

Using the current median advertised rental of $330 and the average annual increase in value of a median property of 3.44%, investors should hope to achieve an overall return of 6.57%

TAS has seen average median house prices change by 3.89% which means that New Norfolk, 7140 has done well for property investors by showing a capital gain of 8.04% over the last year

Across a shorter period, New Norfolk, 7140 has seen a median price increase of 0.00% over the last quarter.

In the last year 25 properties changed hands in New Norfolk, which puts it as the 29th most active market in TAS when comparing the number of sales per suburb.

The TAS suburb of New Norfolk, 7140 is in the Derwent Valley (M) local government area.

Information supplied by:


September 2018

M
O

W
E

Housing supply nosedives

Postcode: 7140

Median house price: $219,000

Stock on market: -58.1%

12-month growth: 6.8%

A lively suburb situated on the River Derwent, New Norfolk is regarded as a must-see heritage destination in Tasmania.

The suburb is considered the third-oldest settlement in the state, and contains many historical buildings, including one of the oldest pubs in the country, as well as St Matthews, acknowledged as the oldest Anglican church in Australia. A traditional village square decorates the suburb. New Norfolk has also always been known for the cultivation of hops, and this industry continues to thrive to this day.

Houses here are remarkably affordable at a median price of only $219,000. Despite the low values, New Norfolk is on a consistent growth trend. With housing stock on the market plummeting from 57 in June 2017 to just 25 in June 2018, demand is expected to increase even more, especially with the average rental yield being so high at 7%.

Metrics i HOUSE UNIT
$261,000 $234,994
1.95% 0.00%
13.48% 8.04%
3.44% -3.51%
$330 $303
122 25
6.57% 6.69%
24.9157894736842 57.1764705882353

Source: Monthly data update for Oct 2019 as supplied by CoreLogic. Data is reported to the period ending Jul 2019. Please note that property sales data is routinely updated, so may change retrospectively.

DSR Score for property investment : Very good (H), Good (U)
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Demographics
Total population 5242
Median household income ($/weekly) 761
Median age of persons 41
Median housing loan repayment ($/monthly) 1118
Average household size 2.4
  • Census Count Percent(%)
    5-14 years 677 12.9
    25-34 years 552 10.5
    35-44 years 601 11.5
    45-54 years 763 14.6
    55-64 years 671 12.8
    Others 1978 37.7
    Age Group
    Census Count Percent(%)
    Not Married 1648 43.2
    Registered Married 1621 42.5
    Defacto Relationship 542 14.2
    Social Marital Status
  • Census Count Percent(%)
    Australia 4676 93.4
    Greece 15 0.3
    Papua New Guinea 39 0.8
    United Kingdom 178 3.6
    Other 35 0.7
    Others 61 1.2
    Country of Birth
    Census Count Percent(%)
    Christianity 3550 74.8
    No Religion 1171 24.7
    Other Religious Groups 14 0.3
    Buddhism 9 0.2
    Islam 3 0.1
    Others 0 0.0
    Religious Affiliation
  • Census Count Percent(%)
    $300-$399 256 13.8
    $400-$599 327 17.7
    $600-$799 235 12.7
    $800-$999 193 10.4
    $1,000-$1,249 189 10.2
    Others 652 35.2
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Not in the labour force 1895 47.3
    Employed, worked full-time 1080 26.9
    Employed, worked part-time 670 16.7
    Unemployed, looking for work 215 5.4
    Employed, away from work 150 3.7
    Person Characteristics
  • Census Count Percent(%)
    Technicians & trades workers 335 17.6
    Community & personal service workers 300 15.8
    Clerical & administrative workers 212 11.2
    Sales 209 11.0
    Labourers 326 17.2
    Others 517 27.2
    Occupation
    Census Count Percent(%)
    Pre-school 53 5.4
    Infants/Primary 445 45.1
    Secondary 290 29.4
    Technical or Further Educational Institution 122 12.4
    University or other Tertiary Institutions 60 6.1
    Others 16 1.6
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 4628 94.1
    Flat, unit or apartment 199 4.0
    Semi-detached, row or terrace house, townhouse 60 1.2
    House or flat attached to a shop, office 31 0.6
    Caravan, cabin, houseboat 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Being purchased 678 34.1
    Fully owned 668 33.6
    Rented 631 31.7
    Other tenure type 12 0.6
    Tenure Type
Census 2011, ABS
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