NSW Launceston property outlook

Hi Guys,
Wondering if anyone would be aware of where Launceston, Tasmania property cycle is at right now. I have a 3 bedroom house located 10min from CBD close to the University. I am selling to free up some money and have had for over 10 years, and I would like to capitalise on Tasmania’s property price rise. Hobart has seen some great growth over the past 2-3 years and Launceston has increased too but nowhere near Hobart. Do people think Launceston may be at the peak, or still some room left to continue? Launceston does not have the Jobs, tourism or population compared to Hobart and will not see the same growth. I just don't want to put on the market if there is another 12-18 months of capital growth?? Any advice would be appreciated.
Cheers

 

My opinion - hold for another 12 to 18 months. I am guessing your place is in Mowbray or Invermay?
There is further growth left in this cycle. Vacancy rates remain very low, prices are rising, and their is a lot of confidence in the economy.
Regards,
David

 

Thanks David for the reply. My place is in Newnham, not far from Mowbray/Invermay. Some of the prices now advertised for sale are at all time high's for the area. My concern is that how high can they possibly go? It is Launceston afterall, nothing too flash about the town. I'd have to do some ringing around and get a feel for the market.

 

Hi Brett,
Hard to say with Newnham.
The uni is relocating from Mowbray / Newnham area to Invermay / Inveresk. So that may not be so good for Newnham.
But looking at sqmresearch, the vacancy rates continue to trend lower.
Good luck!

 

@Perky29, good insights mate. Do you hold investments in Launceston also? If so, do you mind sharing the suburbs?

 

Hi Ryan,
I have properties in Invermay and Mowbray.
Been happy with the performance over the last 2 years.
Cheers,
David

 

Both great spots, and tightly held. No doubt you will do well over the next few years as well.

I'm just getting in now, a bit late to the party. Looking at these same northern suburbs, as well as Riverside & Trevallyn, which is more suited to families being in close proximity to schools. I think the yields are a little higher as a result.

 

10 Dineen Street, Mowbray, Tas 7248

Curious to hear anyone's opinion on this property.

Looks like a really nicely renovated weatherboard on a decent block with a quite nice rental % return.

However I am not that familiar with Mowbray as a suburb.

Is this a desirable part of Launceston or would it be classified more on the lower socio-economic scale?

It is quite close to the uni but from memory they are relocating the uni to Invermay which is the next suburb along?