Suburb Overview
New Town is an inner-city suburb of Hobart, Australia, with a population of approximately 6,781, making it a smaller community. Located 3 km from the Hobart CBD, New Town is a inner city area in Tasmania. The median household income is $82,992 per year.
Location
Key Indicators
Postcode
7008
Postcode for New Town, from a community postcode dataset cross-checked against Australia Post. A postcode may cover multiple suburbs.
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Population
6,781
Usual resident population at the most recent census.
Median weekly rent
$500/wk
Median weekly rent — as at May 2025 – Apr 2026, Department of Justice (Tasmania) rental bonds (CC BY 4.0).
Median household income
$82,992
Annual median household income (before tax) across all households.
Distance to CBD
3 km
Straight-line distance from the suburb centroid to the nearest capital city CBD. Actual driving distance will be longer.
Housing
Median monthly mortgage
$1,771/mo
Monthly median mortgage repayment for households currently paying off a mortgage.
Home type
62% 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 Town
- Short commute into Hobart: ~3 km from the CBD.
- Several schools in the area (around 2), attractive for families.
- Local parks and reserves (around 3) within easy reach.
- Strong transport links into the city and nearby employment hubs.
- Cafes, restaurants and nightlife are part of the local fabric.
Who New Town Suits
Pros and Cons
Pros
- Rent sits within an affordable share of local incomes, supporting tenant demand.
- Local parks and reserves (around 3) add to liveability.
- Solid transport links into employment hubs.
- Short distance to the CBD makes commuting straightforward.
Cons
- Median mortgage sits above the Tasmania state median — entry costs are stretched.
- Traffic can build during peak hours, especially on arterial roads.
Investment Insight
New Town's population of 6,781 sits 74% above the Tasmania suburb median of 3,902, giving it a wider tenant and buyer catchment than the average TAS locality. Households here earn $82,992/year on average — 12% above the TAS suburb median of $73,944 — a modest premium that supports resilient owner-occupier demand. Median rent of $500/week (as at May 2025 – Apr 2026, Department of Justice (Tasmania) rental bonds) equates to roughly $2,167/month — about 122% of the $1,771/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. At 3 km from the Hobart CBD, New Town sits inside the high-demand inner ring — properties here compete directly with the city's employment, transport and amenity networks. Only 62% of dwellings are separate houses (vs 80% state median), so this is a unit-heavy market where body-corporate decisions and strata supply meaningfully shape investor returns.
Investment Tip
Inner-city investors should model strata costs and rate rises carefully, since gross yields here are often compressed by higher entry prices. At the 2021 Census, local rents consumed roughly 21% of household income — a dated but useful sanity check on tenant affordability.
New Town vs Tasmania Median
How New Town stacks up against the median of all Tasmania suburbs in our dataset. Positive values mean New Town sits above the state median; negative means below.
| Metric | New Town | TAS median | Δ vs state |
|---|---|---|---|
| Population | 6,781 | 3,902 | +74% |
| Median household income | $82,992/yr | $73,944/yr | +12% |
| Median rent (weekly, 2021 Census) | $340 | $320 | +6% |
| Median mortgage (monthly, 2021 Census) | $1,771 | $1,378 | +29% |
| Distance to CBD | 3 km | 24 km | -87% |
| Separate houses | 62% | 80% | -18pp |
Investor Checklist
Pre-inspection briefing for New Town — every item is derived from public datasets, with full citations in our data sources page.
- Market depth: 6,781 residents — 174% of the TAS suburb median (3,902).
- Purchasing power: median household income $82,992/year (+12% vs Tasmania suburb median of $73,944).
- Cash-flow coverage (2021 Census): $340/week rent (≈ $1,473/month) covered ~83% of the $1,771/month median mortgage at the 2021 Census — verify against current rents and rates.
- CBD access: 3 km straight-line from Hobart (state suburb median 24 km).
- Dwelling mix: 62% separate houses — mixed market (vs 80% state median).
- Rate stress-test: budget ~$177/month extra for a 1-percentage-point RBA rate rise on top of the $1,771/month median repayment.
- Tenant rent burden: 21% of the median household income is spent on rent — comfortably affordable.
Investment Strategy
Solid buy-and-hold profile: a population of 6,781 and household income close to the TAS median ($82,992 vs $73,944) give the market enough depth for patient capital growth without the premium entry price of inner suburbs.
Moderate rental coverage at the 2021 Census: rent of $340/week covered 83% of a $1,771/month mortgage, a $298/month gap bridged with equity, depreciation and tax benefits. Re-check with current rents and rates before committing.
Only 62% of dwellings are separate houses (vs 80% TAS median) — this is a unit and townhouse market, where cosmetic flips struggle against body-corporate restrictions, thinner after-reno uplift and competing new supply.
Risk Factors
- Interest-rate sensitivity: the $1,771/month median mortgage in New Town means a 1-percentage-point RBA rate rise could add roughly $177/month to repayments, reducing buyer borrowing capacity and cooling prices.
- Regulatory risk: changes to Australian tax settings (negative gearing, CGT discount, foreign-buyer surcharges, land-tax thresholds) could reshape after-tax returns in New Town regardless of local market conditions.
- Market cycle risk: property markets are cyclical, so stress-test your projections in New Town with a 10–15% price pullback scenario before committing capital — returns to date are not a guarantee of future performance.
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Start your first-home journey →2026 Outlook
Property values in New Town should track the wider Tasmania market through 2026, with the $82,992/year median household income (12% above the $73,944 state median) keeping the suburb firmly mid-pack. At the 2021 Census, rental coverage ran at ~83% of the typical mortgage ($1,473/month rent vs $1,771/month repayment), keeping cash flow in positive or near-neutral territory. Verify against current rents and rates. Overall investor sentiment for New Town is constructive heading into the second half of 2026, based on its income, rent and mortgage profile relative to the Tasmania median.
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Frequently Asked Questions
Is New Town a good suburb for investment?
Whether New Town suits you depends on your strategy, but the fundamentals are concrete: a population of 6,781, a median household income of $82,992/year and median weekly rent of $340. 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 Town?
The main demand drivers in New Town are proximity to Hobart (3 km), an above-state-median household income of $82,992/year, a dwelling mix that is 62% separate houses. Together these shape both owner-occupier and tenant demand.
What is the population of New Town?
New Town has a usual resident population of approximately 6,781, 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 Town from the Hobart CBD?
New Town sits 3 km straight-line from the Hobart CBD. This is inner-ring territory — pricing competes directly with established Hobart employment nodes.
What is the median rent in New Town?
The most recent census recorded a median weekly rent of $340 in New Town, equating to approximately $17,680/year in gross rental income (state median $320/week). Market rents have typically drifted above the recorded figure — verify against current listings on realestate.com.au and Domain before making an offer.
What is the typical mortgage repayment in New Town?
The median monthly mortgage repayment in New Town is $1,771, or approximately $21,252/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 Town cash-flow positive for investors?
A median weekly rent of $340 works out to $1,473/month, covering 83% of the median mortgage repayment of $1,771/month. That leaves a $298/month shortfall (around $3,576/year before tax benefits), so a typical owner-occupier-priced property here is negatively geared. 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 Town?
The main risks are interest-rate sensitivity on the $1,771 median mortgage, 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 Town profile
The population, postcode, median household income, and dwelling mix on this page are real figures from the ABS 2021 Census (income is the ABS median weekly household income annualised) and Australia Post. Distance to the CBD is calculated from the suburb's ABS centroid. The Census median rent and mortgage repayment are 2021 figures and are clearly 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 — it is dated on the page and is separate from the older Census rent. 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.