The month in review: Hobart
By Herron Todd White
August, 2009
There are not a large number of suburbs suited to
gentrification within the Hobart area mainly due to the
lack of population growth but areas within the fringe of
the CBD are showing signs of this trend in recent times.
Many dwellings within the suburbs of North Hobart, Glebe
and New Town are being refurbished to a high standard
due to their accessibility to the CBD, shops, transport and
local facilities.
The North Hobart ‘restaurant’ strip along Elizabeth Street
is proving to be a new niche area for the café crowd and
there is even a plan by a local alderman to make the
Elizabeth Street strip into a pedestrian zone on Sundays
in summer. That is, close the road and encourage
alfresco dining. These sorts of plans and local facilities
available have only encouraged investment into many
run down properties which have now been upgraded
or in the process of being renovated. A basic entry
level unrenovated conjoined house or cottage can be
purchased in this area for approximately $300,000, but
there are few offerings in the market place.
Glebe offers the attraction of walking distance to the
CBD and also the Queen’s Domain. The Domain contains
attractions such as the Botanical Gardens, the tennis
centre, a swimming and aquatic centre and open space/
parklands. Many of the older homes which have been in
fair condition only have been refurbished in recent years
and there is relatively high demand in this location for
properties. Expect to pay in the low $400,000s to enter
into this suburb.
New Town, due to its proximity to the CBD and good
shopping facilities is seeing many of the older properties
being completed renovated. An unrenovated entry level
home on a mid sized allotment can still be purchased for
under $300,000, however, these are becoming harder
to find. Most three bedroom brick or weatherboard
dwellings are now in the mid $300,000s but offer the
opportunity for upgrading.
These three areas all offer the benefits of near inner city
living and the conveniences and facilities that go with
them, and somewhat of an opportunity within today’s
market place and economic climate.
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