Tasmania

 

The Smartline Report – March Edition

 

The month in review: Tasmania

By Herron Todd White
March 2016

Approximately four kilometres north-west of Hobart you will find the suburb of New Town. Being one of Hobart’s older, established suburbs located on the city’s fringe, period residential dwellings are the predominant type of residence. Post global meltdown where historic lows were benchmarked, centrally located property generally showed the least decline in value. As New Town contains period properties that are relatively centrally located it continues to offer property options for those seeking either renovated character properties or those wishing to capitalise on a property ripe for renovation.

The predominant type of residential property currently listed for sale in New Town is period dwellings of which the two most notable properties are being offered for sale from $1.395 million dollars plus. The largest home is marketed as having 665 square meters of living area on 1,526 square metres of land. Both properties have been renovated, offer many period features and also offer self contained apartments.

For those with a more modest budget, 4-bedroom, 2-bathroom, renovated period properties can be purchased in New Town from above the mid $500,000 range.

For those seeking a project, an un-renovated period 3-bedroom, 1-bathroom house in New Town can be purchased for around $350,000.

In Tasmania’s north, the southern end of Launceston close to the General Hospital and South Launceston are two established, city fringe areas that have been undergoing gentrification for some time with residential properties continuing to be renovated and pockets of land being developed with new substantial residential properties. Some locals have been known to refer to the Charles Street café strip at the southern end of Launceston as the Parisian end of town due to several renovated properties being utilised as restaurants with alfresco dining. This area also contains Launceston’s General Hospital, a large employer making South Launceston popular with renters.

The Hotel Charles, completed in 2010 has also helped elevate the southern end of Launceston as it was developed on the derelict Launceston General Hospital site which was regularly subjected to vandalism. This site now boasts a landmark building with eight levels providing hotel accommodation, commercial premises and luxury apartments. The most recent sale in The Charles was a 3-bedroom, 3-bathroom apartment for $1.15 million in the latter half of 2015.

Residences on the market in South Launceston include a modern 4-bedroom, 3-bathroom townhouse with Tamar River and city views currently listed for sale at just under $600,000. Or, for those who prefer character you can purchase a renovated, 5-bedroom, 2-bathroom period home for $550,000.

For those wanting an entry level property in South Launceston a partially renovated character property comprising 2-bedrooms and 1-bathroom can be purchased for just under $200,000.

 

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Please note that information in this publication is subject to change without notice. Smartline assumes no responsibility for any errors, omissions or mistakes in this document. © Smartline Home Loans P/L 1999 – 2016. Australian Credit Licence Number 385325

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