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.
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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%.