Glenorchy Property Factsheet 2nd Half 2018
The Glenorchy property market has grown from strength to strength over the past 12 months to Q2 2018.
Compared to the Glenorchy Local Government Area (LGA), houses in the Glenorchy property market can be secured at a similar price, however with higher capital growth. Units in Glenorchy are more affordable than those available in the LGA.
Glenorchy recorded a median house price of $380,000 and $243,750 for units in Q2 2018, which represented an annual price change of 22.6% and 3.7% respectively. Over the same period of time (Q2 2017-Q2 2018), house prices in Glenorchy LGA grew by 16.1% to $378,000 and unit prices grew by 24.0% to $297,500.
In Q2 2018, average vendor discounting continued to tighten to 6.1% (house) and 5.1% (unit), suggesting sellers achieved well-above their first asking price. This suggests that Glenorchy has become a very competitive market.
Over the past 12 months to Q2 2018, median rent for both houses and units in Glenorchy increased, to $385 per week (house) and $310 per week (unit). This represented annual (Q2 2017-Q2 2018) price increase of 13.2% and 9.5% respectively. Investors are benefiting from exceptional rental yields of 5.7% for houses and 6.0% for units. Returns for houses in Glenorchy outperforms that of Hobart City (4.3%), while being on par with that for units.
This confirms Glenorchy as an investment hotbed and provides attractive returns to investors seeking positive cash flow.