TAS Launceston - The official unofficial hype thread

Hey cliff and everyone else I have been looking at launy for a while
Does anyone know any decent ba's down there? I unfortunately have no time

 

" My property hunter " , Rob Zubin , has been around for a while and has been on property forums . Don't specifically know him .

Cliff

 

The thread Buying in Launceston ? may also have some related info for those interested.

 

Hi Cliff,

Its nice to see the cashflow+ of a lot of these properties. In regards to deposits and financing, is it a 20% requirement?

Also in regards to cash on cash return, is it possible to get a 5% cash on cash return in the area (e.g. if you commit a $60 000 in deposit + stamps + fees, will the property pay you ~$3 000 per year after expenses?). I feel like Tassie as a whole is ticking boxes as an affordable place to park money.

 

Deposit will depend on institution . When we bought , we were down to 80 % , but they were the last properties we bought with new finance . Since then , we've recycled debt by substituting security or paid cash ( 1 in super )

Cash on cash ? Personally I don't calculate that. You'd need to crunch the numbers . Our 2 in Launceston are returning around 8 % gross kbut are both three units in a house . Plan is to keep them long term .

Cliff

 

Malcolm was down in Launceston last week to sign this .

Currently the main university canvas is about three suburbs north of the CBD . Under this program the Uni is being moved to a run down industrial area which has already started undergoing regeneration . In the suburb of invermay , the area in question is on the edge of the suburb bordering the River which divides the the northern suburbs from the CBD .

Invermay was our primary target when we started looking in Launceston , but we couldn't find the right property so ended buying in west and south Launceston which are nicer suburbs .

City deal done
MOVING the University of Tasmania’s Launceston campus into the heart of the city will create more than 2700 jobs, the state’s treasurer says. Prime Minister Malcolm Turnbull was in Tasmania today to sign the $280 million “City Deal” moving the campus from Mowbray to Inveresk on the edge of Launceston’s CBD.

“This is the largest single infrastructure investment in Launceston’s history,” Tasmanian Treasurer Peter Gutwein said.

He said the move is projected to create 2760 new jobs, including 430 construction jobs, and open up the university for thousands of Tasmanians to get qualifications.

Construction on the new campus is set to start in 2018.

Cliff

 

SQM Research - Weekly Asking Property Prices

Launceston moving up nicely in the last year and about to break through high from previous cycle

Had a patient today from Launceston who was visiting relatives on the northern beaches and asked him what the market was like there .

" booming " was his reply

According to Realestate.com.au median price for a house has gone from 352 to 418 in the last year

Cliff

 

Ironically , of all the places we've bought recently , Launceston seems to have moved up the strongest . Problems with that is we've bought place with high yields to keep long term and plan to sell other places to pay these off ...

cliff

 

Would love to buy a place in tassy just to have a retirement home in the future, I know it's not good to buy due to emotional attachment but the numbers seem to work. The only thing stopping me is I don't want to move a loan from a big 4 to one of those niche lenders like Liberty.

 

Happy to see Launceston moving up now.
The University move will be very good for the Invermay area, being so close.

 

Heard a couple of good sales recently.
11 Ross Ave, Invermay sold in 4 days for the asking price of 259k.
2 Dunlaw st, Invermay sold for 280k before it even hit the market.

 

I was having a look at flood maps in Launceston. It appears that have done some works to protect areas like Invermay (brown area?). Does anyone have experience with floods/housing/insurance/likelihood-of your place being flooded and these maps.

 

@See Change and others in the know,
What is the suburb of Newstead like?

 

Don't specifically know it

Cliff

 

Newstead is a fantastic area. It's the next suburb south from east Launceston which is the premier suburb.

 

I am considering George Town, but there seems to be lots of stocks on the market despite good rental yield, lots of land too, what are ppls views?

 

What is it about Georgetown or the houses there that attracts you to this location? What are the drivers?

 

Good price with good yield and familys experience.

 

Take a step back. What are the economic drivers that make George Town an ongoing option. Have a look at the capital growth and rental growth over the last 5-10 years. What type of property would you buy there. Who would rent the place and what rent could they afford. MTR and the Property Twins, amongst many others, had some great posts about location and property analysis.

 

Thank you, we are looking at a couple bigger blocks of land with older houses near the water. I havent looked into that much details about ther ecnomics frecast yet (and dont really know where to find) The two houses that we are interested are selling cheaper than 2005 ish. I dont know what to make of it, we actually looked at buying in the capital where we live, but cannont afford within our price range and really are not interested to buy apartments. I really want to invest the money and a close family member has suggested george town hence our consideration. If we do purchase it will be a long term investment hold (unless it really becomes so bad) Is it not a good location? I tried searching george town in here but cant seem to find much