Glenorchy

POSTAL CODE: TAS, 7010

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GLENORCHY, 7010 delivered a weaker performance in contrast to other Australian suburbs in terms of appreciation of property value.

Average median house prices in TAS have risen as a whole, pulling GLENORCHY, 7010 values up and netting property investors a capital gain of 6.38% for the past year.

Investors saw the median home price rise to $600,000.

Profits due to an downward trend in home prices in the suburb averaged -0.28% per annum over a 3-year period.

GLENORCHY now ranks at the 60th place on a list of fastest growing suburbs in the territory.

Figures from the previous quarter show that capital gains for real estate buyers in GLENORCHY are low, as opposed to average gains per annum over the past five years.

Because of this real estate investors could earn a rental income of $550 based on current median home prices.

Regardless, it is expected for properties to spend some time on the market prior to a successful sale. In GLENORCHY, homes and units usually stay on listing for an average of 64.4 days.

In 2016, 145 properties were sold in GLENORCHY during the past year, making it the 139th most active market in TAS based on total real estate transactions.

GLENORCHY ranks 61st in TAS when it comes to estimated capital gains experienced by property investors over the past three years.

GLENORCHY, 7010 has a capital gain of 3.84% for the past year, which is lower than average compared to its 32.77% growth within a five-year period.

With the median home price in GLENORCHY sitting at $464,700, and the average rent at $462.5, property owners could potentially earn a 5.18% increase in gross rental yield.

Property investors have seen a 2.13% gain in GLENORCHY based on an increase in median home prices for the past three months.

A survey of average capital gains or median home price increase in suburbs across the country shows that GLENORCHY, 7010 obtained a 8.15% growth over a ten-year period. It ranks 263rd on our list of suburbs that property investors should look into.

Surburb overview

Glenorchy, with the postcode 7010, is a vibrant suburb located approximately 7 kilometres north of Hobart’s central business district in Tasmania. The population of Glenorchy is around 10,000 residents, comprising a diverse mix of families, professionals, and retirees, contributing to a dynamic and inclusive community.

Glenorchy falls under the jurisdiction of the City of Glenorchy, which ensures well-maintained infrastructure and community services. Public transportation is well-served by Metro Tasmania buses, providing frequent services to Hobart’s CBD and surrounding suburbs, making commuting convenient for residents. The suburb is well-connected by road, with the Brooker Highway providing easy access to Hobart and other nearby areas.

Educational facilities in Glenorchy are comprehensive, catering to families with children of all ages. These include Glenorchy Primary School, Cosgrove High School, and Guilford Young College, which offer a range of primary, secondary, and tertiary education options. For higher education, residents have access to the TasTAFE campuses and the University of Tasmania’s Newnham and Sandy Bay campuses, both located within a reasonable distance.

Glenorchy is a major commercial hub, offering a variety of shopping and essential services. The Northgate Shopping Centre and Glenorchy Central Shopping Centre are the main retail centres, featuring a wide range of retail stores, supermarkets, cafes, and dining options.

The Tolosa Park and Tolosa Street Reserve are popular local spots, offering walking trails, picnic areas, and playgrounds, making them ideal for family outings and outdoor activities. The nearby Wellington Park provides further opportunities for hiking, mountain biking, and enjoying the natural beauty of the area.

The Derwent Entertainment Centre, located in Glenorchy, is a key venue for major events, concerts, and sporting activities, attracting visitors from across Tasmania. The nearby Royal Hobart Showgrounds host a variety of events throughout the year, including the annual Royal Hobart Show, showcasing the region’s agricultural heritage and providing entertainment for all ages.

The Glenorchy Art and Sculpture Park (GASP) is a significant cultural attraction, featuring art installations and scenic walking paths along the Derwent River. The park provides a unique blend of outdoor recreation and cultural experiences, enhancing the community's vibrant arts scene.

Residents of Glenorchy benefit from its proximity to Hobart, allowing easy access to the city’s cultural and recreational attractions, including the Royal Tasmanian Botanical Gardens, the Tasmanian Museum and Art Gallery, and the bustling Salamanca Market. The suburb's strategic location also makes it a convenient base for exploring the natural beauty of the surrounding region, including Mount Wellington.

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