Question 1

Is New Town a nice place to live?

Accepted Answer

New Town is an inner-northern Hobart suburb with an established residential feel. Tree-lined streets mix Victorian and Federation-era houses, weatherboard cottages and pockets of modern infill. The main shopping spine along New Town Road has cafes, specialist shops and everyday services, while small parks and reserves give leafy places for walking and play. Regular bus routes run along the main roads, providing convenient access to the city and the River Derwent foreshore.

The suburb attracts families, professionals and downsizers. Couple families account for more than four in five families, the median age is 38 and median household income is $1,596 a week. Homes are mostly owner-occupied (57.9%) with 42.0% rented. Recent local investment has upgraded the retail precinct, sporting facilities and social housing, and major sewer works are under way. Whether that suits you comes down to what you are looking for in a suburb.

Question 2

Is it expensive to live in New Town?

Accepted Answer

Buying a house in New Town, TAS sits well above local incomes at the last Census. The median house price of $815,000 is about 9.8 times a typical local annual household income at the last Census (weekly household income $1,596 × 52 = $82,992). For renters, a house rent of $633 a week would take roughly 39.7% of a typical local household's weekly income at the last Census, while a unit rent of $488 a week would take about 30.6%. On these figures, renting takes a sizeable share of local incomes and buying looks much more stretched against what households earned at the last Census.

Everyone's financial situation is different, so it's important to consider your own circumstances when deciding which suburb is right for you.

Question 3

Is New Town a good place to invest?

Accepted Answer

Over the past 12 months in New Town, house values rose a modest 2.5% while unit values fell sharply, down 13.3%. Rents moved higher for both property types, with house rents up 6.4% and unit rents up 8.4% — both solid increases.

For someone weighing New Town as an investment, the value figures show the capital change over the year and the rent figures show how rental income moved. House rents outpaced house values, and units recorded rising rents alongside a large fall in value. Whether that balance suits your goals and circumstances is for you to judge.

This information has been prepared without taking your objectives, needs and overall financial situation into account. It is not meant to be a substitute for professional financial advice. For this reason, you should consider the appropriateness of the information and, if necessary, seek appropriate professional advice.

	Houses	Units
Median price Past 3 months	$815K	N/A
Change in value Past 12 months	2.5%	-13.3%
Sold Past 3 months	11	9
Median days on market Past 12 months	26	25
Average rent Past 12 months	$633	$488
Change in rent Past 12 months	6.4%	8.4%

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