TAS Hobart update

Discussion in 'Where to Buy' started by See Change, 18th Jul, 2019.

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  1. See Change

    See Change Well-Known Member

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    Sales market stopped in month prior to election and with that coinciding with the start of winter ( quiet in Hobart ) the market is still quieter than earlier in the year , but agents are seeing an increase in interest now after the election result has sunk in.

    The question will be what happens when we get to spring / summer . Will there be another leg up , or has it reached the peak of the cycle . Having seen first hand a couple of pauses during the recent Sydney boom its too early to call the peak , but if not much happens in the second half of this year , it probably is the peak . Personally I think it may have a second wind .

    Rental returns ? Well , We’ve just re rented two compact one bedders ( around 40m2 ) for 350 / week each . Previously they were renting for around 210 / week . Only change was new carpet . They didn’t need a repaint .

    Cliff
     
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  2. D.T.

    D.T. Specialist Property Manager Business Member

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    210 to 350 a week is outstanding! :D
     
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  3. mickyyyy

    mickyyyy Well-Known Member

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    I think your right and Hobart is under supplied BIG time! You going to sell?
     
  4. See Change

    See Change Well-Known Member

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    We subdived our block of four and sold one . That cleared the debt on all of them .

    We were planing of selling all of them but are considering our options at the moment . We’d like to keep them but we are in the position of have several mortgages switching from IO to PI next year and when we looked previously , we weren’t in a position to refinance .

    Cliff
     
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  5. TSK

    TSK Well-Known Member

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    If you don't mind me asking. What were you appropriate cost for sub dividing in Hobart.
     
  6. See Change

    See Change Well-Known Member

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    One of the tenants back out , but have other applications .

    3 bedder which was previously renting around 300 , had bathroom update , lease just signed for $500 .

    Cliff
     
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  7. See Change

    See Change Well-Known Member

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    And now we’ve just signed a contract for the one the tenant backed out of ... Not unconditional as of yet .

    Buyer wanted an investment , but wanted somewhere that was vacant as they want somewhere to stay while they renovate .

    Cliff
     
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  8. BuyersAgent

    BuyersAgent Well-Known Member Business Member

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    Hey @See Change how did you fare in Hobart these last few months?
     
  9. See Change

    See Change Well-Known Member

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    Have sold three .

    Market was soft after election , but picking up in last months , though more so for houses

    Last was "sold " but the purchaser developed significant medical problems and we negotiated a settlement to let them out . was messy ...

    Will be re launching that to sell in Jan .

    Cliff
     
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  10. Sackie

    Sackie Well-Known Member

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    Good on you Cliff. Good karma coming your way I reckon.
     
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  11. Scott No Mates

    Scott No Mates Well-Known Member

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    Was he still trying to claim mental health issues and keep his licence to practice law?
     
  12. See Change

    See Change Well-Known Member

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    What do you think ...?

    Could have kept going , but wasn't going to be sorted out soon and there was always the possibility of having cost awarded against us . Important thing for us was to move on .

    Cliff
     
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