Suburb overview
New Norfolk is a regional centre in Tasmania, Australia, with a population of approximately 6,037, making it a smaller community. Located approximately 24 km from the Hobart CBD, New Norfolk is a regional area in Tasmania. The median household income is $57,824 per year.
Location
Key indicators
Postcode
7140
Postcode for New Norfolk, from a community postcode dataset cross-checked against Australia Post. A postcode may cover multiple suburbs.
Australia Post Postcode Finder →
Population
6,037
Usual resident population at the most recent census.
Median weekly rent
$495/wk
Median weekly rent — as at May 2025 – Apr 2026, Department of Justice (Tasmania) rental bonds (CC BY 4.0).
Distance to CBD
24 km
Straight-line distance from the suburb centroid to the nearest capital city CBD. Actual driving distance will be longer.
Housing
Median monthly mortgage
$1,127/mo
Monthly median mortgage repayment for households currently paying off a mortgage.
Home type
86% houses
Proportion of separate houses versus units, townhouses, and other home types. Useful for investors assessing rental demand mix.
Why people like living in New Norfolk
- Outer-metro setting about 24 km from Hobart — more space, quieter streets.
- Predominantly separate houses (86%) — suburban lifestyle with more land.
- Country-town feel with lower density and slower pace of life.
Who New Norfolk suits
Pros and cons
Pros
- Rent sits within an affordable share of local incomes, supporting tenant demand.
- Mortgage costs are lower than the Tasmania median, improving cash-flow margins.
- Lower purchase prices and more land for the money.
Cons
- Traffic can build during peak hours, especially on arterial roads.
- Prices may rise further as demand continues.
Investment insight
New Norfolk's population of 6,037 sits 55% above the Tasmania suburb median of 3,902, giving it a wider tenant and buyer catchment than the average TAS locality. New Norfolk's median household income of $57,824/year is 22% below the Tasmania suburb median ($73,944) — this is an affordability play where returns lean on yield and patient capital growth rather than demographic premium. Median rent of $495/week (as at May 2025 – Apr 2026, Department of Justice (Tasmania) rental bonds) equates to roughly $2,145/month — about 190% of the $1,127/month median mortgage repayment recorded at the 2021 Census. On those figures rental income covers most or all of the recorded repayment, but repayments on new loans have risen with interest rates since 2021, so re-run the coverage at today's rates before treating this as a cash-flow suburb. 24 km from Hobart places New Norfolk in the middle commuter belt, close enough for daily trips by car or rail but at a materially lower price point than inner suburbs.
Investment tip
This suburb suits yield-focused investors who are comfortable with lower liquidity. Employment concentration and local population trends matter more here than in metro markets. At the 2021 Census, local rents consumed roughly 26% of household income — a dated but useful sanity check on tenant affordability.
New Norfolk vs Tasmania median
How New Norfolk stacks up against the median of all Tasmania suburbs in our dataset. Positive values mean New Norfolk sits above the state median; negative means below.
| Metric | New Norfolk | TAS median | Δ vs state |
|---|---|---|---|
| Population | 6,037 | 3,902 | +55% |
| Median household income | $57,824/yr | $73,944/yr | -22% |
| Median rent (weekly, 2021 Census) | $290 | $320 | -9% |
| Median mortgage (monthly, 2021 Census) | $1,127 | $1,378 | -18% |
| Distance to CBD | 24 km | 24 km | 0% |
| Separate houses | 86% | 80% | +6pp |
Investor checklist
Pre-inspection briefing for New Norfolk — every item is derived from public datasets, with full citations in our data sources page.
- Market depth: 6,037 residents — 155% of the TAS suburb median (3,902).
- Purchasing power: median household income $57,824/year (-22% vs Tasmania suburb median of $73,944).
- Cash-flow coverage (2021 Census): $290/week rent (≈ $1,257/month) covered ~112% of the $1,127/month median mortgage at the 2021 Census — verify against current rents and rates.
- CBD access: 24 km straight-line from Hobart (state suburb median 24 km).
- Dwelling mix: 86% separate houses — house-dominant market (vs 80% state median).
- Rate stress-test: budget ~$113/month extra for a 1-percentage-point RBA rate rise on top of the $1,127/month median repayment.
- Tenant rent burden: 26% of the median household income is spent on rent — within normal range.
Investment strategy
Limited buy-and-hold upside: household incomes 22% below the TAS median ($57,824 vs $73,944) means liquidity is thin and capital growth tends to lag the wider Tasmania market over full cycles.
Strong rental coverage at the 2021 Census: $290/week (~$1,257/month) covered 112% of the $1,127/month median mortgage, a shortfall of just $0/month. Both rents and repayments have moved since 2021 — verify current figures, though this suburb has historically leaned cash-flow-friendly.
With 86% houses in a 6,037-person market, renovation margins depend on individual street and aspect rather than any suburb-wide story — do comparable-sales analysis before committing capital.
Risk factors
- Interest-rate sensitivity: the $1,127/month median mortgage in New Norfolk means a 1-percentage-point RBA rate rise could add roughly $113/month to repayments, reducing buyer borrowing capacity and cooling prices.
- Income vulnerability: household incomes in New Norfolk are 22% below the Tasmania median ($57,824 vs $73,944), which tends to compress rent growth and increases exposure to local unemployment shocks.
- New Norfolk is 24 km from the CBD — not close enough to benefit from the inner-ring pricing halo, so growth depends more heavily on local infrastructure decisions and the wider Tasmania market cycle.
- House-dominant stock: 86% of dwellings are separate houses, so value is concentrated in land — weather events, insurance repricing and land-tax changes hit investors here more directly than in a unit-heavy suburb.
- Regulatory risk: changes to Australian tax settings (negative gearing, CGT discount, foreign-buyer surcharges, land-tax thresholds) could reshape after-tax returns in New Norfolk regardless of local market conditions.
Run the numbers on a New Norfolk property
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Start your journey near New Norfolk →2026 outlook
Capital-growth expectations for New Norfolk are modest for 2026 — incomes 22% below the TAS median of $73,944 suggest gains will lag headline metro markets. At the 2021 Census, rental coverage ran at ~112% of the typical mortgage ($1,257/month rent vs $1,127/month repayment), keeping cash flow in positive or near-neutral territory. Verify against current rents and rates. Overall investor sentiment for New Norfolk is cautious heading into the second half of 2026, based on its income, rent and mortgage profile relative to the Tasmania median.
Frequently asked questions
Is New Norfolk a good suburb for investment?
Whether New Norfolk suits you depends on your strategy, but the fundamentals are concrete: a population of 6,037, a median household income of $57,824/year and median weekly rent of $290. Weigh those against your goal — cash flow, capital growth, or a value-add renovation — each of which we break down with suburb-specific ABS numbers elsewhere on this page.
What drives property demand in New Norfolk?
The main demand drivers in New Norfolk are proximity to Hobart (24 km), a median household income of $57,824/year, a dwelling mix that is 86% separate houses. Together these shape both owner-occupier and tenant demand.
What is the population of New Norfolk?
New Norfolk has a usual resident population of approximately 6,037, compared with a Tasmania suburb median of 3,902 — placing it in the upper half of the state's suburbs by size. Population is the clearest proxy for market depth: more residents mean more transactions and typically a shorter average days-on-market on resale.
How far is New Norfolk from the Hobart CBD?
New Norfolk sits 24 km straight-line from the Hobart CBD. This is comfortable commuter territory, with reasonable rail and road access to the city.
What is the median rent in New Norfolk?
The median weekly rent in New Norfolk is $495 (as at May 2025 – Apr 2026, Department of Justice (Tasmania) rental bonds), equating to approximately $25,740/year in gross rental income. Confirm against current listings on realestate.com.au and Domain before making an offer.
What is the typical mortgage repayment in New Norfolk?
The median monthly mortgage repayment in New Norfolk is $1,127, or approximately $13,524/year (vs $1,378/month state median). Stress-test your own borrowing at rates 1–2 percentage points above today's to make sure you can still service the loan through an RBA tightening cycle.
Is New Norfolk cash-flow positive for investors?
A median weekly rent of $290 works out to $1,257/month, covering 112% of the median mortgage repayment of $1,127/month. That means rent exceeds the median repayment by roughly $130/month, so on these numbers New Norfolk leans cash-flow-positive before accounting for strata, council rates, insurance and maintenance. Actual cash flow depends on your deposit, loan terms, ownership costs and marginal tax rate — run the full numbers in our rental yield calculator.
What are the main risks of investing in New Norfolk?
The main risks are interest-rate sensitivity on the $1,127 median mortgage, below-median household incomes ($57,824 vs $73,944 state median), the broader Tasmania market cycle. Each of these is covered in the Risk Factors section above with suburb-specific numbers rather than generic warnings.
How we built this New Norfolk profile
The population figure on this page comes from the ABS 2021 Census. The postcode comes from a community postcode dataset cross-checked against Australia Post. The dwelling mix is from the ABS 2021 Census. The median household income is the ABS 2021 Census median weekly household income, annualised. Distance to the CBD is calculated from the suburb's ABS centroid. The Census median rent and mortgage figures are 2021 figures and are labelled as such wherever they appear — they are five years old and have moved substantially since. The current median weekly rent in Key indicators is a genuine recent figure from Department of Justice (Tasmania) rental bonds (May 2025 – Apr 2026), published under a Creative Commons licence and dated on the page. We do not publish an investment score or school/park counts for this suburb. See our methodology and data sources for exactly what's measured and what's estimated.