I own a couple of properties in Hobart and enjoyed the ride. I am wondering whether I should buy in Launceston or continue buying in Hobart. Launceston is getting momentum and the University relocation will certainly add fuel to the growth. Hobart is a bigger city but had substantial growth already.
Tough call Mark, I'd say a lot depends on budget = the sub $300K, medium risk market in Hobart is getting thinner.
nice avatar. Maybe try Launceston if you think there is scope for growth. Is there much activity with jobs growth and so on?
I think the university relocation/expansion certainly can bring quite a lot of jobs for a small town. It can also benefit from tourism and agriculture
Launceston joins the Hobart jobs boom as North-West Tasmanian jobs slump Employment in Launceston and the North-East increased by 1900 to 67,200 on a monthly average basis in the year to the end of December,state Treasury analysis of Australian Bureau of Statistics original terms data showed. That left Northern jobs growth on a similar trajectory to the South, which started a jobs boom in early 2017. Northern jobs slumped in 2015 and dipped again last year, but have picked up at increasing speed in recent times. We’re on the mailing list of Richard Bailey from the Bushby Group who we found was one of the better agents in launnie . He sends regular updates on what’s happening and the last one was talking about employment growth in Launceston . Our last buy was in Hobart , but that was around a year ago . I haven’t specifically looked at what’s around , but the first places I’d be looking at would be Launceston , south and west and invermay . We mainly targeting invermay , but ended up buying in south and west Launceston . You’ll be struggling to find anything passable for under 300 in Hobart , but looks doable in Launnie Cliff Btw , I didn’t initially reply because of your avatar . The guy’s an f.... wit , and given the lack of other replies could indicate others feel the same way
I’m on an iPad so can’t easily read this , but these contain the latest unemployment figures . 6202.0 - Labour Force, Australia, Jul 2018 Cliff
I would like to say that there is a bit of a gulf in Launceston of suburbs between the $180K to $280K range. Basically jut Invermay, Newnham and Mowbray. As for jobs-consider this: Toll is upgrading their site in Launnie for $20 million into a transport hub for Northern Tasmania. A couple of months ago, they paused on the development application to assess all their development application sites nationwide-Launie was given the green light but others weren't. But think deeper into what Toll do as a busineess=they move stuff for other businesses. If Toll think there is merit for expansion then clearly a number of local business are doing well enough/growing to demand the expansion.
One comment we had a couple of months ago from an agent ( In Launnie ) was all the farmers are upgrading things . New Equipment , new Kitchens and new cars . Cliff
Owing an IP in Launceston myself and having just returned from a few days there, I can say that the vibe from agents and business owners in general is very positive. The recreational area works underway on the north bank opposite Bunnings will give the north of the city a lift and tourism/gourmet produce are having a strong run lately. The hope is that these recent improvements convert to long term employment opportunities. One local mentioned that he hoped Launceston didn't get too busy like Hobart. Paul
I would argue false sir, macroeconomic conditions matter in the property market. For sure in poor economic conditions one can still make a decent return from property. But I would argue that what good economic conditions do, is make the probability of making a decent return much higher-i.e. much easier to find a good performing property. Also the population difference and fact one is a state capital and the other isn't is easily enough to make a talking point.
