While the real estate boom seems to be coming off the boil in the mainland states, there’s no sign of the market slowing down in Tasmania. Hobart is forecast to enjoy strong property price growth in 2018, and the city has already beat out Melbourne and Sydney in the year to September 2017. As a result, it looks like another stellar year is on the cards.
If you’d like your investment dollars to work even harder for you, it may be possible to enjoy organic growth in the market coupled with manufactured growth through renovating. Here at View, we’ve analysed the data, crunched the numbers and found some Tassie properties that are currently on the market for a steal, with excellent potential for capital gains.
As an investor, now could be your chance to jump on the Tassie train, before the market prices you out. According to CoreLogic, in 2017 homes in Hobart on average took just 33 days to sell – so get in quick and snap up one of these renovator’s delights, and you could make a tidy little profit!
Risdon Vale – 21 Coobar Road
On the market for $195,000 to $225,000, this three-bedroom home needs a bit of a facelift to bring it into 2018, but the basics are all there. It’s been well maintained by the current owners, and with the large living areas, rear yard and close proximity to amenities there’s excellent resale or rental potential. Similar homes nearby are fetching upwards of $227,000, and the Risdon Vale median value has grown by 25.1% over the past twelve months, so it’s crunch time for astute investors.
Berriedale – 1 Woorin Street
With water and mountain views, this three-bedroom property in Berriedale would be an fantastic buy for an investor planning to renovate and flip, as well as having excellent rental potential. It’s ideally located close to shops and schools, and with the spacious yard and blank-canvas interior it’s easy to see how a little love could boost its value. The median house price to December in Berriedale was $344,000, up more than 32 per cent since 2016, and this home is listed at just $240,000 – so it’s unlikely to be on the market for long.
Rokeby – 74 Duntroon Drive
The big ticket items of bathroom and kitchen in this Rokeby home have been updated relatively recently, so a quick lick of paint is all that’s required to bring it up to scratch. The yard is huge, so there’s potential for extending (STCA), but even a quick cosmetic renovation would do wonders. At offers over $250,000 it’s a real bargain, as similar properties in Rokeby sell for in excess of $280,000. In 2017, homes in the suburb spent just 15 days on the market before they were sold, so you’ll need to act fast to score this one!
Chigwell – 7 Boondar Street
Chigwell has enjoyed strong growth over the past year, with property values increasing by 20.2 per cent. This three bedroom property on Boondar Street is listed at offers over $275,000, and could make a nice positive cash flow investment for an aspiring landlord. Expected to command $330 to $350 per week in rent, it’s conveniently located with new carpets and floorboards, and the kitchen and bathroom are in great condition. Sprucing it up shouldn’t cost too much, as most of the expensive work has been taken care of to make it attractive to future tenants.
Devonport – 1 Holyman Street
On a large block with double garage and NBN connection, this Holyman Street home is priced to sell fast, and should see landlords earning a 7 per cent return on their investment. The interior needs a little TLC – the paint work, window furnishings and flooring have seen better days – but the payoff will be well worth the initial outlay. Devonport’s median house price rose to $239,000 in 2017, so at $199,000 this home really is an investors dream.
Smithton – 29 Poke Street
Priced at just $185,000, around the price of a deposit on a Sydney home, this Smithton three-bedder has enormous potential: the large bedrooms, massive secure yard and charming features just need some clever styling to add a contemporary feel. Smithton boomed in 2017, with values skyrocketing a massive 34.1 per cent to a new median of $228,000. Flip it quick, or buy and hold as a rental – either way, there’s definitely money to be made on this property if you’re lucky enough to snap it up!