New Norfolk is a historic town with a rich heritage, situated along the beautiful Derwent River. Known for its antique shops, local crafts, and vibrant community events, it attracts both tourists and residents looking for a blend of history and modern conveniences. The suburb offers a range of housing options, from historic homes to new builds, catering to diverse preferences. Discover the charm of New Norfolk with Nest Property.
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New Norfolk property market
The property market in New Norfolk, a charming township just northwest of Hobart, displayed moderate real estate activity last month. There were 16 properties available for rent and 62 properties listed for sale, suggesting a healthy level of supply, particularly for buyers seeking opportunities in a regional setting.
Over the last 12 months, median property prices in New Norfolk have remained relatively affordable when compared to the broader Tasmanian market. Houses in the area have a median price of around $460,000, while units (including apartments and smaller dwellings) have a more accessible median of $395,000. These figures position New Norfolk as an attractive option for both first-time homebuyers and investors looking for lower entry costs.
For those considering real estate investment in New Norfolk, the rental market offers appealing returns. Houses typically rent for approximately $455 per week, providing an estimated gross rental yield of 5.6% annually. Similarly, units in the area rent for around $392 per week, also offering a rental yield of 5.6%, which is relatively high by national standards. These strong yields reflect a solid rental demand, despite broader market trends.
However, potential investors and buyers should also take into account recent changes in capital growth. Over the past year, New Norfolk has experienced a decline in property values, with houses recording a -4.2% annual compound growth rate and units showing a sharper decline of -11.6%. These figures suggest that the market has undergone a correction following earlier growth periods, and they may present opportunities for buyers seeking value or aiming to enter the market at a lower point in the cycle.
Overall, New Norfolk offers a combination of affordable pricing, strong rental returns, and potential for long-term value—particularly for those with a strategic investment outlook or a desire to live in a picturesque riverside community with easy access to Hobart.
Market trends
View median property prices* in New Norfolk to get a better understanding of local market trends.
*Data based on sales within the 12 months to July 2025.