TAS Hobart is absolutely flying

Is there a reason that the kitchen sink is in the corner next to the cooktop and not facing the window?

 

Well done, more than 50% rent increase. May I know how much does the reno cost? I used to live in this complex several years ago when I was a student at UTAS.

 

Because we kept the existing kitchen cupboards ( they were only 5 yrs old and in very good condition we replaced the benchtops /splashback with granite transformations and removed most of the wall surrounding the kitchen area. with the configuration /plumbing would have meant getting new cupboards plumbing etc all adds up.

 

@Tassie_Troy Do you mind me asking how much the reno cost you?

 

Total cost was 46,000 k over 6 weeks
double glass doors to 2nd bedroom - wall up and door hallway turned into robe for 2nd bedroom
Bathroom completely gutted and new wall with sliding cavity door
built in robe in main bedroom
new floating uniclick floors and carpet
kitchen wall opened up new benchtops , granite bench and splash back, stove and dishwasher,Nbn boxes relocated to cupboard all new doors ,handles,light fittings, switches ,usb power points ( all Matt black ) basically everything replaced , balcony tiled and rail painted

 

Hey mate, you meant 46k right? Rather than 46m Still, isn't that a bit of an overcapitalisation for what should be a "cosmetic" reno of just an apartment? Generally should cost 5-15k otherwise thats enough for a deposit on another place around the Moonah-Glenorchy area for a bit diversification I would had thought. Did you go over budget for this?

 

A bit more than i should have i know but the re valuation will be enough to gain a heap of equity for another property later on - got the unit for a great price 305 k 20 months ago . The higher standard of reno like another one in the block gets 170 per night as Air Bnb and is hardly ever vacant. ( may do this in the future). It is in a great location for future price growth. Prime spot close to amenities natural sunlight , small quiet block with parking.
Moonah is a bit late to invest unless you can get a great deal very shabby homes going for over 400 k now.
We also have a house rented in New Town that is a similar area to View street

 

Has anyone considered buying a piece of land in Hobart and build on it? I find land is very cheap in Hobart. For example this 720m2 land in Claremont is sold for $120k.
6 Ironbark Drive Claremont Tas 7011 6 Ironbark Drive, Claremont, Tas 7011 - Property Details

Building a basic 3 bedroom 2 bathroom house would cost about $220k, including development and holding fees. I think it can be sold for $420k. $80k profit. 35% profit. Did I underestimate the construction costs?

 

I have not done any development in Tassie or any other states but have few friends who did. You under-estimate the development cost and over-estimate the selling price. Built cost in Tas is often more expensive than the mainland. Council processing time is longer. Claremont median price for 3 bedder is lower than $300k so it will be really suprising if you can sell your end product for $420k.

 

Hi everyone, I was looking at Tasmania recently and thought about it but is there really long term potential there? I am unsure about economic prospects and growth drivers.

Can someone offer their thoughts please?

THanks

 

In the short term say 1-3 years Tassie looks good. Long term there are perhaps other states with more potential for larger growth. Having said that Hobart has good yields and low vacancy rates which makes for an easy to hold investment. Tassie is stable and its economy is becoming quite diverse with tourism getting stronger and stronger. All in all it depends on your own goals and circumstances as to whether Tassie is the right city to invest in.

 

Great, thanks - you mentioned that Tassie's tourism economy is getting diverse, but this means people will visit Tassie just for short term visits is this correct? If so, it wouldn't increase demand for properties because people dont end up staying is that correct. Or, are we seeing greater numbers of people actually immigrating to Tasmania?

 

From memory, from a very low base (maybe negative in '12) , tassie's population is now increasing at 0.7% p.a. As a comparison currently S.A is 0.6% and W.A is 0.9%.

This population growth may seem marginal and it is to some extent but its an increased demand for properties. This fact combined with the relatively low supply coming online plus the airbnb effect has resulted in Australia's record low vacancy rate (0.3% for Hobart) and currently the highest capital growth rate in the country.

Who knows what the future will hold? Will more supply come online?, will Hobart continue to reinvent itself and become a jobs and living destination for the next generation and generate more demand?

 

More tourists -> more businesses to serve them -> more jobs -> more people moving to TAS. TAS agriculture industry is also thriving now. Education industry is expading too.

 

fair enuff - thanks.

 

Wait on, don't misquote me please. I said Tassie's economy is becoming more diverse and tourism is growing. Not its tourism economy is becoming more diverse- completely different statements.What I meant by this is that there is more money coming into Tassie, more jobs coming in to Tassie which means businesses prosper which in turn leads to more people coming to live in Tassie, less people leaving, more investor confidence etc. All great ingredients for a property market which will flourish.

 

STEADY GROWTH CONTINUES IN HOBART

Hobart's recent trend of steady population growth is continuing, according to data released today by the Australian Bureau of Statistics (ABS).

In 2016-17, the population of Hobart increased by 2,400 people (1.1 per cent), compared with an increase of 1,200 (0.5 per cent) in 2011-12. It is the fifth consecutive year that the Tasmanian capital has recorded an increasing rate of population growth.

Hobart is now growing at a faster rate than Darwin (0.5 per cent), Adelaide (0.7 per cent) and Perth (1.0 per cent).

3218.0 - Regional Population Growth, Australia, 2016-17

 

Speed tests reveal Hobart has Australia's fastest internet

The best place to get fast internet in Australia might actually be Tasmania, with results from thousands of home broadband tests revealing the island state has the speediest connections.

Hobart residents had the fastest internet of all capital cities with an average download speed of 26.3Mbps, according to 10,300 national speed tests powered by Ookla through comparison website Finder.

 

After 6 weeks of rejecting one lousy tenant application after another, we've finally accepted a decent application and the new tenants are moving in shortly. That had me worried. I'm not convinced there was anything wrong with the house, the price or the agent since we had so many people lodging applications but they were just shocking. I've got other IPs in areas that people view as rough and most of my tenants are on Centrelink but I've never had to wait so long for a decent tenant to come along. I could understand if there was no rental demand but with the vacancy rate so low I didn't expect this much difficulty.

Tassie's rough tenants, the roughest of all? Time will tell I guess.

Relieved.

 

What suburb? I’ve recently had the opposite experience