Why commercial is the new residential
Gone are the golden days where you could purchase residential properties with yields of 6, 7 or 8 per cent or build a self-sustaining prope...
The suburb’s capital gain of 5.84% for the past year is lower than average compared to its 47.68% growth within a five-year period.
Also in HOBART, the median home price is sitting at $779,000, and the average rent at $530, this suggests property owners could potentially earn a 3.54% increase in gross rental yield.
A survey of average capital gains or median home price increase in suburbs across the country shows that this suburb obtained a 5.34% growth over a ten-year period. It ranks 1368th on our list of suburbs that property investors should look into.
The city of Hobart is one real estate hotspot that offers the best value for first time and seasoned investors keen on purchasing a vacation home or property to rent out. Hobart real estate is booming, especially in West Hobart, where the average home price continues to move upwards and hover just a little above the $600,000 mark. In Hobart itself, the median prices of homes have climbed by 9 per cent, while unit prices have gone up by 3.18 per cent. Rental yield for houses also increased by 4.48 per cent, and units by 5.28 per cent in the past 12 months.
Things to do in Hobart
With a stunning coast perfect for sailing and swimming, Hobart is a top destination for sun-loving mainlanders during the summer; one much-awaited event include the Sydney to Hobart Yacht Race. But the suburb has a lot more to offer to tourists and real estate owners all year round, even when the Hobart weather is colder than usual. During the winter solstice, travellers and residents can indulge in music and art at the Dark Mofo festival. They can also join a cycling tour of Mount Wellington, whose commanding view can be seen from any point in the city.
Those looking for a laid-back way to while away the time meanwhile can head over to the Hobart Village Cinema or Theatre Royal. Hobart restaurants have also upped the ante in recent years, making them a must-visit for seasonal and local gastronomic delights.
| KEY PROPERTY DATA REPORT | HOUSE | UNIT |
|---|---|---|
| Median Price | $779,000 | N/A |
| GROWTH REPORT | ||
| Median Quarterly | N/A | N/A |
| Median 12 month | 5.84% | N/A |
| Median 3 years | 14.56% | N/A |
| Median 5 years | 47.68% | N/A |
| 10 years average annual | 5.34% | N/A |
| Weekly media advert. rent | $530 | $500 |
| Time on Market | 0.0 days | 31.3 days |
| Gross Rental Yield Percent | 3.54% | 0.09% |
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