Buying in TAS

[Marco]

Hi all,

Does anyone live and or own IP's in Tassy?

For the interstaters, curious as to how and why you may have bought there?

Being a New South Welshman, from my limited knowledge, there appears to be high Yeild in cities like Hobart and Launceston. with moderate growth.
For economic reasons i guess the Cap growth seems to lag behind the mainland, and probably always will.

However, my wife fell in love with the place a few years ago and if i want to keep improving on a property portfolio one of those IPs would have to be situ in TAS.

Might be a wonderful place to retire someday.

So apart from flying down there, were would be the best place to start the research?
Has anyone got a set format for criteria of interstate IPs, I'm sure this may have been covered in past threads?

thanks,

 

[see_change]

Hi Marco

here is a link to a couple of worthwhile sites in tassie.

http://www.somersoft.com/forums/showthread.php?s=&threadid=105

There are several members of the forum who bought in Tassie in mid last year and in a one case earlier. We have had about 20 % growth since then. I haven't been watching the market that closely since then to be in a position to see how much more growth there will be , but certainly Hobart and Launceston are the two places most likely too.

But having said that I know there was one person who said they have made money out of buying Cash flow positive on the west coast which is an area one would think would be least likely to .

My gut feeling is that Tassie will go from being a place of decreasing population to somewhere that attacts an increasing number of people as more and more realise what an attractive place it is., but I'm not sure the stats bear that out.

I have bought in Hobart and Brisbane. You either need to do your research then go there yourself or have someone you trust implicitly to check things out for you. We did all our own checking out in Brisbane but took more guidance in tassie ( though we did do our own checking as well and did buy subject to inpection )

see change

 

[Tim]

Purchase in Tassie

Have just bought in Hobart

a good sight is www.falls.com.au

for property.

Prices are moving fairly fast still, I had a contact there who has bought about 7 properties in the last few weeks for different people.

The street wise program there means govt construction housing is being reduced, and they are selling off previous housing commission places, rents are in high demand, there are some bargains there really, with close to pcf.

Tim

 

[Simon]

Trouble with link

Tim,

I am having trouble connecting to

www.falls.com.au

Can you check it is the right address.

Thanks,

 

[Marco]

Thanks all for your replys,

Simon, Try www.fall.com.au.

Marco,

 

[Marco]

I heard that Hobart is in a rental home shortage situation, partly due to a 6 months waiting list to build new homes.

Could anyone elaborate on this?
I did hear it from a TASY Real Estate agent : )
Not that I don't trust them, no offence to any of the forums devoted agents.

Marco,

 

[Tim]

Rental Shortage

There is a rental shortage, despite a declining population, due to:
- very little construction
- govt move towards private rental assistance as opposed to public housing construction
- investor activity pushing up prices and rents

I have a good contact in Hobart who has helped a number of people with near pcf properties (on 5% deposit(. He is not an agent, I only mention this to validate some of the above statements as being a personal opinion.

Tim

 

[Homer J Simpson]

Who's the contact? Please share

 

[watto]

An interesting article on Launceston....


"Economy, Business & Finance

Real estate boom hard on battlers
By LUCY SPURGEON, Saturday, 15 March 2003

Houses are being priced out of range of the public purse. LUCY SPURGEON reports. Housing Tasmania had struggled to find suitable public housing properties to buy because of the State's real estate boom, Health Minister David Llewellyn said yesterday.

Mr Llewellyn said that the department had a purchase budget of $2.4 million a year, but many properties were being sold at prices well above government valuation.

Housing Tasmania has built 60 units so far this financial year and bought five properties, but had sold 412 properties by the end of February.

"A third of these properties were purchased by the tenants already living in those homes," he said.

"These sales would have had no impact whatsoever on the waiting list for public housing."

About 85 per cent of the properties were sold to low- income earners who were eligible for public housing and might have been on waiting lists, Mr Llewellyn said.

"The sales programme does not take homes away from people receiving low incomes, but provides choice and a housing option that for many provides an important long-term investment opportunity," Mr Llewellyn said.

Housing Tasmania would advertise tomorrow for vendors and developers who might have suitable land on which to build public housing units.

Mr Llewellyn provided the figures yesterday after pressure from the Opposition over the State's public housing crisis.

Opposition health spokeswoman Sue Napier said that the 2001-02 Housing Tasmania report showed that it had 747 fewer houses available than two years ago.

"It is obvious that the Bacon Government's `new Tasmania' does not include ensuring that all Tasmanians have access to affordable housing," she said.

"Once again the Bacon Government is leaving the battlers behind while talking up a new age of prosperity."

Sorry couldn't paste the link......


cheers
watto