Hobart

hi everyone,

I have been reading Somersoft posts for a long time but have never posted before. I live in Sydney but have property in Tasmania. I noticed an article by Terry Ryder pointing out there has been a 'significant increase in the number of sales in Tasmania'

https://hotspotting.com.au/articleDetails.php?num=2476

Are there any locals here and have you noticed any change in the real estate market in Hobart/Tas?
 
Hi, I live in Hobart but have only been here 6 months.

The last 2-3 months I've been busy renovating so haven't had time to spend watching the market, but we did just put our property up for sale and the agent tells me it's picked up a bit lately. He's had a couple of sales from mainlanders who have purchased sight unseen as well.

Closer to the city, I've seen some units sit on the market a while, but anything well priced moves. Particularly auctions of old houses to be renovated. Other than that it all seems pretty stable.

That's about all I can say for now, I really haven't been watching too closely.
 
My family are buying in sandy
Bay, tarrona now, and well priced properties sell quickly, also I know stock in north hobart goes fast. Lots of Reno opportunities in hobart
 
Thanks Mikezen and OTV

in the past we have done well with properties in the inner and middle suburbs in Hobart after the boom peaks in larger mainland cities. Hopefully this will happen again this time:)
 
On Hobart's eastern shore, I recently saw a 3/1 house sell for $135,000, renting for $250p/w. Another has come on the market for $95,000, which, considering the suburb median and similar stock, would rent for around $200p/w. Both on 600-700m2 blocks. Good yields no doubt, but the area is considered undesirable.

The prices are just so low, so I struggle to see them going anywhere but up, especially with the neighboring suburbs being very desirable and public housing being sold off.
 
As far as all the state capitals are concerned I worry about Hobart's performance the most.

GSP has taken a turn for the worse and I'm concerned that rising unemployment and falling population growth will stifle any gains worthy of investment for some time to come...

In short who gives a hoot if sales volume is up if all major indicators point to a downward trend?

An increase in sales volume could also mean people are trying to get out of the market there.
 
Possibly, not denying the fundamentals are worrisome, though our agent reports a recent increase in mainlanders purchasing. The property we have on the market has had interstate interest as well.

Plus compared to other cities, there's probably a disproportionate number of properties sold as deceased estates rather than people "getting out of the market".

In saying that, my purchases here will be restricted to reno/flip, or reno/hold (only if yield is ~10%).

Probably not the best place to look if you're after CG, but I'm no expert.
 
Jaspn, is this Gagebrook you're referring to?

No, Clarendon Vale/Rokeby area. Yes, quite a stigma and not without its problems, but there's a lot of young families populating up-and-coming Oakdowns, and a lot of well-to-do'ers in Tranmere, as reflected by market stock and PP. Being neighbouring suburbs, will they rub off onto Clarendon Vale/Rokeby? Who knows.

I'd be lying if I hadn't looked at high risk=high yield Bridgewater and Gagebrook stock. I think I recall these selling for $60k last decade. Most would be double that now. How good is your insurance policy? Burnt out cars and houses are not uncommon!

I'm aware of the troublesome economic times Tasmania is currently facing. It's this very reason why we're doing our DD on mainland population centers for our first IP and not buying locally. But, the Hobart bottom of the barrel market does present some interesting food for thought.
 
From my 20-30 years of watching, it seems that whenever the mainland capital cities boom and become too expensive for some of their population, there is a flow to Tasmania.
 
Sea change and Angel that's been my experience too. As the mainland capitals boom there has in the past been a flow on to Hobart. Tasmania is also developing a strong cultural/arts/foody focus that is impacting positively on the tourism industry.
 
Tasmania is also developing a strong cultural/arts/foody focus that is impacting positively on the tourism industry.

Wasn't aware of it until a couple of years ago but we were on a boat for the sydney harbour fireworks when I notice that the boat , from hobart , moored in front of us had a rainbow flag and several boats around had the same flag . Nievly I commented ," I wonder what that flag is " , my two kids chimed in , " that's the gay flag " . At this stage my sister looked at the boat and noticing it was from Hobart said that there was a move in segments in the gay community in sydney and melbourne to retire to Tasmania as it had become very tolerant and some members of the gay community were now high profile positions of influence eg Bob Brown .

Cliff
 
I was flicking through a magazine at Woolies yesterday (I think it was API). There was a graph in there which indicated Hobart is at the top of the buy cycle with both houses and units. How could this be after years of stagnancy?
 
Wasn't aware of it until a couple of years ago but we were on a boat for the sydney harbour fireworks when I notice that the boat , from hobart , moored in front of us had a rainbow flag and several boats around had the same flag . Nievly I commented ," I wonder what that flag is " , my two kids chimed in , " that's the gay flag " . At this stage my sister looked at the boat and noticing it was from Hobart said that there was a move in segments in the gay community in sydney and melbourne to retire to Tasmania as it had become very tolerant and some members of the gay community were now high profile positions of influence eg Bob Brown .

Cliff

Hobart does seem to carry a GLBT friendly vibe
 
hi everyone,

I have been reading Somersoft posts for a long time but have never posted before. I live in Sydney but have property in Tasmania. I noticed an article by Terry Ryder pointing out there has been a 'significant increase in the number of sales in Tasmania'

https://hotspotting.com.au/articleDetails.php?num=2476

Are there any locals here and have you noticed any change in the real estate market in Hobart/Tas?


Hi Bozely,
I was recently outbid by another mainlander for a Sandy Bay property. Good properties are selling at reasonable prices. No sign of boom, but since the yields are ok, we can afford to wait. Maybe with the advent of a Liberal govt, business confidence will help. As far as investing in Tasmania all of my Tassie properties are in inner city Hobart.
I'm in contact with a few agents there and things are just starting to move again after 3 years being in the doldrums. Vacancy rates are also starting to get better.
Hope this helps.
Giuseppe
 
No, Clarendon Vale/Rokeby area. Yes, quite a stigma and not without its problems, but there's a lot of young families populating up-and-coming Oakdowns, and a lot of well-to-do'ers in Tranmere, as reflected by market stock and PP. Being neighbouring suburbs, will they rub off onto Clarendon Vale/Rokeby? Who knows.

I'd be lying if I hadn't looked at high risk=high yield Bridgewater and Gagebrook stock. I think I recall these selling for $60k last decade. Most would be double that now. How good is your insurance policy? Burnt out cars and houses are not uncommon!

I'm aware of the troublesome economic times Tasmania is currently facing. It's this very reason why we're doing our DD on mainland population centers for our first IP and not buying locally. But, the Hobart bottom of the barrel market does present some interesting food for thought.

Hi Jaspn,
Getting loans for some of these high risk areas such as Gagebrook might be difficult. I really like North Hobart, West Hobart, and Sandy Bay. The returns are ok particularly if one value-adds. New Town is great too. There is meant to be a huge influx of foreign students in 2014 as well and this will feed the rental market around UTAS. Fingers crossed!
Giuseppe
 
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