At number 604th in the list of Australian suburbs ordered by increase in median house value over the last year, Newnham, 7248 is in the top 20% with a property value increase of 9.54% recorded in median house prices.
Taking the average capital gain, or increase in median house value, Newnham,7248 has racked up an average of 9.54% over the period. This ranks it number 354th in the whole country for real estate investors looking at median house price increases.
At number 26th of TAS’s most discounted properties, Newnham is in the bottom 30% of the state/territory when listing in order of most discounted to least.
Often selling an investment property can take time, and in Newnham the average time real estate has been on the market is 54.9691 days.
Newnham, 7248’s gross rental yield is 5.52%
Property value increases in Newnham have tracked lower than the TAS average of 5.99% over the last 12 months.
Newnham,7248 was ranked 14 in Australia by increase in median property value over the quarter.
State is the 7th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -5.47% offered to property buyers. Sellers in Newnham itself are offering an average vendor discount of -5.23% to real estate investors.
The TAS suburb of Newnham, 7248 is in the Launceston (C) local government area.
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Limited stock could create bargains
Median unit price: $175,000
Stock on market: 55.8%
12-month growth: -8.1%
On the eastern edge of the Tamar River in Launceston, Newnham is home to the University of Tasmania Launceston Campus, and the Australian Maritime College.
Situated 6km from the CBD, the suburb has seen stock on the market decrease by 25.3% over the past twelve months, with just 51 houses and 8 units listed for sale this year. Units are currently spending around 119 days on the market, and have dropped 8.1% in value since this time last year, to a median of $175,000.
The median house price is currently $239,000 down 6.3% in twelve months, and homes are listed for an average of 94 days prior to sale. Homes for sale in Newnham attract less than half the number of visitors than the Tassie average, which, while frustrating for sellers, could be an opportunity for savvy investors to score a bargain – particularly given that houses are currently given landlords yields of 6.3%, while units are reaching 6.8%.