New Town is known for its historic homes and vibrant community atmosphere. Located close to the heart of Hobart, this suburb offers a unique blend of old-world charm and contemporary convenience, making it popular among both young professionals and families. With excellent educational facilities and local amenities, New Town is a great place to live and grow. Check out what’s available in New Town with Nest Property.
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New Town property market
New Town, one of Hobart’s oldest and most established suburbs, continues to hold strong appeal for both homebuyers and investors thanks to its rich heritage, excellent amenities, and proximity to the CBD. Just minutes from the heart of Hobart, New Town offers a unique blend of character homes, tree-lined streets, and a thriving community atmosphere. In the past month, the suburb recorded 20 properties available for rent and 40 properties listed for sale, reflecting a steady level of activity in a consistently in-demand location.
Over the past 12 months, median property prices in New Town have remained relatively high, underscoring its reputation as a premium inner-city suburb. Houses currently have a median price of approximately $885,000, while units offer a more affordable option, with a median price of around $504,000. This range accommodates both families looking for spacious, character-filled homes and investors or downsizers seeking low-maintenance living close to the city.
From an investment perspective, New Town provides solid rental demand and respectable yields. Houses in the area are renting for about $620 per week, delivering a gross rental yield of 4.0% per annum, while units are renting for approximately $450 per week, offering a higher yield of 4.9%. These rental figures reflect strong and stable demand from professionals, students, and families who are drawn to the suburb’s location, transport links, and educational institutions.
When it comes to capital growth, New Town has delivered mixed results over the past year. Houses have experienced a modest compound annual growth rate (CAGR) of 0.9%, suggesting a steady but slow appreciation in value. Units, however, have performed exceptionally well, with a CAGR of 10.8%, indicating strong growth and renewed interest in the unit market—likely driven by affordability, demand for low-maintenance living, and proximity to Hobart’s city centre.
Overall, New Town remains a standout suburb in the greater Hobart area, offering a rare combination of historical charm, modern convenience, and growth potential. With its proximity to shopping precincts, schools, parks, and public transport, it continues to attract a wide range of buyers and tenants. Whether you’re looking to invest or settle down, New Town offers enduring value in one of Tasmania’s most respected residential communities.
Market trends
View median property prices* in New Town to get a better understanding of local market trends.
*Data based on sales within the 12 months to July 2025.