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Adelaide July 2017
Brisbane July 2017
Cairns July 2017
Canberra July 2017
Darwin July 2017
Gold Coast July 2017
Melbourne July 2017
Newcastle July 2017
Perth July 2017
Regional NSW July 2017
Regional NT July 2017
Regional QLD July 2017
Regional VIC July 2017
South West WA July 2017
Sydney July 2017
Tasmania July 2017
Wollongong July 2017
CoreLogic QLD housing Update July 2017
CoreLogic SA housing Update July 2017
CoreLogic VIC housing Update July 2017
CoreLogic WA housing Update July 2017
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How to calculate the cost of buying a home in Australia
Mortgage myth buster: things you need to know about mortgages
Tasmania July 2017
The month in review: Tasmania
By Herron Todd White
Properties for sale with asking prices of around $500,000 in the greater Hobart region are less concentrated in particular suburbs relative to Northern Tasmania. Being a capital city with a significantly larger population, capital entry requirements tend to be higher, suburbs are spread over a larger geographic area and contain greater diversity of property types.
Sandy Bay, Kingston and Lindisfarne are Hobart suburbs where the greatest number of sales have occurred within the half a million dollar price point.
Sandy Bay has an air of exclusivity and is popular due to its position immediately south of the city with the Derwent River its southern border. Contained within the suburb are the University of Tasmania campus, casino, private and public schools, local shops and recreational facilities. Due to Sandy Bay’s exclusivity and nearness to the city, units are the predominant type of residential property that can be purchased within this price range although some smaller homes are still within reach. To purchase a house in Sandy Bay you would need capital reserves in excess of half a million dollars as approximately 20% of the suburb’s recent sales were in excess of $1 million with a top sale of $6.5 million. An example of what you could expect to purchase in Sandy Bay with a $500,000 budget is a 3-bedroom, 1-bathroom, circa 1990s, partially updated, 130 square metre villa with single lock up garage on the suburb’s periphery.
Kingston is reported to be Tasmania’s fastest growing region and is a 25 minute commute to the city via the southern outlet. It is a self-contained satellite centre with major and local shopping centres, public and private schools and recreational facilities. Recent sales in Kingston indicate that purchasers with $500,000 to spend could expect to buy an older style home with a living area ranging from 120 to 160 square metres. If you can push the budget closer to $600,000 you could purchase a modern, 200 square metre home on a 900 square metre block.
Meanwhile in Lindisfarne on Hobart’s eastern shore you could purchase a modern, 3-bedroom, 2-bathroom house, with double lock up garage and water views on a smaller, 460 square metre block. If you prefer privacy a slightly higher spend could secure you 1.5 hectares with an older style, renovated, 3-bedroom and 1-bathroom house. Lindisfarne residents have a 15 minute commute to the city via the Tasman Bridge.
$500,000 in the north of Tasmania can buy you a significant residential property relative to other states in Australia. Historically in the north, centrally located or inner city property has best held its value.
Recent sales data show that the greatest numbers of sales within the $500,000 price range have occurred in the suburbs of Grindelwald, Trevallyn, Newstead and Launceston.
Grindelwald is a commuter suburb (approximately a 25 minute drive from downtown Launceston) developed around the theme of a Swiss village in the 1980s. Grindelwald is attractive to purchasers who prefer larger homes on larger parcels of land in a rural residential setting. Homes that have recently sold in Grindelwald range in size from 200 to 260 square metres of living area on parcels of land ranging between 800 and 2,600 square metres. The majority of these homes were built in the 1980s to 1990s and have achieved sale prices between $480,000 and $528,000.
If you live in Trevallyn, it’s likely you prefer to have a view as Trevallyn sits on a hillside overlooking the Tamar River and borders the northern side of Cataract Gorge. Along with spectacular views come steeper blocks. Some properties while having larger block sizes have decreased functionality due to the block gradient and vehicular access may be more difficult. For around half a million dollars in Trevallyn, recent sales indicate that you could purchase an older style home (built from the 1970s to early 2000s), offering from 170 up to 300 square metres of living area on blocks ranging from 800 to 2,000 square metres. Sale prices for such homes have ranged from $403,000 to $510,000.
Newstead is a popular family suburb due to its proximity to central Launceston and its range of services such as private and public schools, sporting facilities, shopping and restaurants. Homes within the $500,000 range in Newstead tend to be on its periphery where recent sales indicate you could purchase a modern home with 170 square meters of living area on just under 900 square meters of land. Alternatively for just over $300,000 you could purchase a smaller, 1940s built home that requires renovation, closer to town, with 110 square metres of living area and a block size just under 700 square metres. To purchase larger, established homes in north-west Newstead you would need a budget in excess of $500,000.
For those wanting to be in Central Launceston residential homes can still be purchased for around $500,000 however such homes tend to be on the periphery, require renovation and are often in very steep locations. An example of such a home that sold recently for $450,000 is a terrace, located in one of Launceston’s steepest streets that has 206 square meters of living area over two floors that requires renovation and has car accommodation of a single carport situated on a 273 square metre block.
DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.