Property value increases in New Norfolk have tracked just higher than the TAS average of 18.88% over the last 12 months.
The five-year average increase in median property values for New Norfolk,7140 has given property investors a potential capital gain of 84.50% across each of those five years.
On average over the past year, suburb has had 9.75 sales per month, which equates to 117 per year.
New Norfolk is 24th on a list of best yielding suburbs for rents in TAS with a 5.43% return
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 32.76%
While New Norfolk,7140 ranked number 4th in TAS for increase in median house value (annualised) increase, it is ranked 3rd over the last 5 years.
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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%.