Over the last year, property investments in Newnham, 7248 have given investors a capital gain of 8.33%. This compares favourably with the 6.96% for TAS as a whole.
Over the longer term, Newnham has seen property prices show investors a 17.00% return over the last 3 years. This is worse than over the last 12 months
Property investors looking for a bargain in Newnham should be aiming for at least -6.07% off the asking price, which is the average vendor discount being achieved at the moment.
With the median price for a house in Newnham being $292500 and the advertised rent reaching $320 the gross rental yield for property investors calculates out to be 5.69%
Property investors who have had real estate in Newnham, 7248 should be unhappy with this TAS suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices decrease in value by -30.36%
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Newnham has increased when compared to the 5 year average annual rate.
Newnham7248 is located in TAS which offers an average discount of -5.68% to property investors. Newnham itself is showing figures that indicate -5.46% is the average achievable by property buyers investing in the suburb.
Information supplied by:
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%.