Investment property in New Norfolk 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 12.00%
The five-year average increase in median property values for New Norfolk,7140 has given property investors a potential capital gain of 42.49% across each of those five years.
New Norfolk7140 is located in TAS which offers an average discount of -5.45% to property investors. New Norfolk itself is showing figures that indicate -6.31% is the average achievable by property buyers investing in the suburb.
Property investors should expect to get $355 weekly from the median priced house in this suburb.
Over the last year, property investments in New Norfolk, 7140 have given investors a capital gain of 12.77%. This compares favourably with the 5.99% for TAS as a whole.
Advertised rents are around the $310 mark per week – giving a return of 6.08% based on the median price in Suburb
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Housing supply nosedives
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%.