By Herron Todd White
Hobart, Launceston and Regional Property Updates
The days of residential yields returning towards 10% have well and truly passed thanks to the current boom!
N.B. All of the following yields stated are gross unless indicated otherwise.
So, what can your investment dollar buy?
Currently, inner-city Hobart has a unit at 1 Collins Street for sale at $850,000. Rented at $775 per week this reflects a 4.74% return. Or perhaps for the budget-conscious a serviced apartment-style motel room at 156 Bathurst Street is being marketed with a 6% return.
Further from the city in Glenorchy, a two-bedroom, one-bathroom unit with carport in Lucia Court is offering 6.1%.
For the institutional buyer, there has been a sale of an eleven unit complex in Kingston for $2.75 million being eight x two-bedroom, one-bathroom and three x three-bedroom, two-bathroom units returning 5.63%.
Up north in Launceston similar yields are available.
Looking at the inner city, a walk-up two-bedroom unit at 43-47 Elizabeth Street rented at $350 per week is currently being marketed at $349,000 reflecting a 5.21% return. Or for that budget buyer again how about a 36 square metre motel bedsit fo
$158,000 with a (net) return of towards 7%.
In Parklands Parade, Newnham you can secure a two-bedroom, one-bathroom 1990s unit with carport for $189,000 returning 6.9%.
And the institutional buyer? There has been a sale of eight new strata-titled units in Hortus Place, Newnham for $2.25 million, all two-bedroom, one-bathroom with floor plates between 91 and 98 square metres. The sale reflected an adopted yield of 5.55%.
On the north-west coast, this month saw the sale of two new units in Nairana Place, Shorewell Park, Burnir for $550,000, comprising a two-bedroom and a three-bedroom, both one-bathroom with garage. The sale showed an adopted yield of 5.48%.