Second home buyers more active in Tasmania's $500,000 property market: HTW

If you are a potential owner occupier or investor with a property budget of $500,000, it can go a long way in the Tasmanian residential property market compared to other states, according to valuation firm Herron Todd White in their residential market report for July 2016.

"This figure is within a price bracket in the residential market which is characterised by purchasers that are second home buyers trading up either in location, size or age although recent sales in all regions indicate some investor activity," says the report. 

This market segment is currently the most active within Tassie’s residential property market.

Recent sales within this price bracket include: New Town, approximately four kilometres northwest of central Hobart, a three-bedroom, two-bathroom, renovated period home sold for $250,000. The property has flexible living options, was sold leased and marketed as achieving $610 per week rent.

Tolman’s Hill can be reached via Hobart’s southern outlet and is approximately six kilometres southwest of central Hobart and is where a three-bedroom, two-bathroom modern strata property recently sold for a touch over $500,000. The property is located in a bushland setting with water views and was listed for rent at $450 per week.

In Legana, an outer suburb of Launceston, an older style, partly updated, four-bedroom, two-bathroom property on a large block with river access and an above ground pool recently sold for $500,000. This property is currently being offered for rent at $450 per week.

Charles Street, which some Launcestonians refer to as the Paris end of town due to its strip of cafés and restaurants is where a circa 1900 updated, four-bedroom, two-bathroom terrace property sold recently for just under $500,000. This area is sought after by renters as it is close to Launceston’s General Hospital.

The traditional holiday spots along Tasmania’s northwest coast appear to be where the majority of recent sales around the $500,000 mark are occurring. At Hawley Beach, approximately 24 kilometres northeast of Devonport, a modern three-bedroom, two-bathroom home sold for just over $500,000. The property was subsequently listed for rent at $420 per week.

At Sisters Beach, approximately 22 kilometres northwest of Wynyard, a modern, beachfront, two-bedroom, two-bathroom home sold for just over $513,000.

"With regard to longer term capital gains in the property market, historically in all Tasmanian population centres, centrally located suburbs have best held their value. During the past year Tasmania has continued to enjoy relatively stable economic conditions with some regions experiencing reductions in stock levels resulting in some incremental capital gains in these areas."

Property Observer found this two-bedroom house at 57 Irby Boulevard Sisters Beach, Tas 7321 sold for $513,450.