New Norfolk is a moderately sized suburb in Tasmania within the Derwent Valley local government area (postcode 7140). The area has roughly 6,037 residents and an established family demographic, with a median age of 40. Households earn a median income of $58K per year, with an average household size of 2.4 people. Recent annual estimates show population movement staying broadly stable across the broader catchment, with population growth running at +0.7% year-on-year at the LGA level. TAS employment has moved -0.3% year-on-year in the official Jobs and Skills Australia NERO series, which provides the broader jobs backdrop for this suburb. TAS also had 19 Commonwealth-backed major projects under construction, 0 underway, and 16 in planning as at 2 October 2024, which is useful as a broader delivery backdrop rather than a suburb-specific project count. The most common occupations are technicians & trades, community & personal service, labourers. Employment in the area leans toward healthcare and construction. The top ancestries reported are English, Australian, Irish.
The median house price in New Norfolk is $480,000, having moved higher by 2.7% over the past year. Units have a median price of $448,000 (-0.8% YoY). The current median weekly rent is $475. This gives a gross rental yield of approximately 5.1%. The median monthly mortgage repayment is $1,127.
New Norfolk is served by 4 schools, including 3 primary, 1 secondary. The average ICSEA score is 908, which is below the national average of 1,000. Public transport access includes 1 rail station, 25 bus stops.
On the investment side, New Norfolk shows a gross rental yield of approximately 5.1%, rated as high yield. Property prices sit below the state median ($480K/$750K), which can point to relative value. The price-to-income ratio of 8.3x is considered moderate. House prices have moved +2.7% year-on-year. Population growth of +0.7% year-on-year points to stable demand fundamentals. Building approvals have changed +0% year-on-year, indicating steady development activity.