TAS Lutana/Moonah/Goodwood/Derwent Park areas?

Hi,

Just wondering if anyone has any experience living or investing in these areas? Any pros or cons?

Thanks in advance.

 

Use the search function as there are several posts about this.

Did you buy already in the area? I noticed you have posted somewhere else that you require a property manager and insurance because your already bought a property in the area.

 

Hi jins13, already did this (as I always do) - searched "Derwent Park", for example, and read the only two threads where that term appeared and it wasn't very helpful - hence why I'm asking now!

No, considering it - the other post is because I will need a property manager and insurance in the next few weeks, so getting the info now.

Do you have any thoughts on the question in my post?

 

Well, here are some threads. @See Change thanks for your information.

Question, why are you asking if the area is good if you have already bought? Shouldn't this be done prior to purchasing the property?

TAS - Hobart is absolutely flying

TAS - Time to Hype Hobart Thread?

TAS - Where to buy with 6% + yield
Glenorchy - Tasmania capital growth?

 

As I said above, I am "considering" buying...

Thanks for posting those threads, though I've already read through all of those - as I mentioned I've done a search on here (as I always do before I post).

If anyone has any other thoughts about these areas - particularly Goodwood and Derwent Park, which I am not finding too much information about, it would be most appreciated!

 

Hi @TazCaz I used to live in West Moonah for the first 20 or so years and also have owner occupier friends who have purchased around Glenorchy in the last year or so. Recently my parents sold the family home that I grew up in for 10x the amount they purchased it for in the eighties. It's getting quite ridiculous there with houses being sold within a week of listing with a friend getting frustrated at constantly missing out on listings that's only been posted for a few days. You can still get houses beginning with 2's in Glenorchy but it's starting to reach towards the 3's closer to the hub. For houses around 3's or 4's I'll probably target around Lenah Valley/New Town'North Hobart though as it's closer to the CBD and the hospital there - obviously yield will decrease though. West Moonah/Moonah/Glenorchy provides a good balance between CG and yields. Bogans are starting to get pushed out of there so it's becoming nicer around this area.

 

Thanks @Pentanol - I've been finding the same, especially with Moonah. Properties not even making it to Saturday opens as they are already under offer. I grew up in Moonah and Lutana and I still can't believe these suburbs are now considered desirable - they certainly weren't back in my day! Any thoughts on the Goodwood/Derwent Park pocket? Still quite industrial/commercial for now, but only a few minutes to Glenorchy and Moonah hubs.

 

What do you think about Lutana and Rosny @Pentanol?

 

Lutana and Moonah are considered middle ring 'burbs. Glenorchy and Claremont move into the outer ring. There appears to be a 'step' between Moonah and Lutana to Glenorchy etc. Speaking with agents, West Moonah seems to be grouped with Glenorchy, even though it has Moonah as part of the name. Lutana and Goodwood are quite close to the Moonah shopping and industrial area (jobs).

Some in Moonah and Lutana ride their bike into Hobart, along the disused railway line.

Unsure about Derwent Park, seems to be a smaller suburb amongst the others, nothing wrong with that, just not on everyone's radar as much (but still close to Moonah and the main run into Hobart).

As you mention, properties are being snapped up quickly, so time on the ground and talking with agents is important. Many agents have email alerts about upcoming properties.

 

Hey mate, personally I wouldn't touch Lutana because it's close to the industrial area where the Nyrstar Smelter is and it's mainly a residential area which means there's less drivers for CG. Despite this I still see low supplies so I think people see value there because of it's larger block size. At 400k you're better off looking at Glenorchy and the Moonah area which is starting to become more lively and desirable place to live and it's also got the bus interchange off Springfield Ave and the main rd where I used to catch the bus for school.

Rosny is another hidden gem that doesn't get nearly as much coverage as it deserves compared to Moonah/Glenorchy. I see the area (pretty much Rosny Park) close to Eastlands (shopping mall) and the bus interchange as well as the area close to the water as amazing places to buy too and being only 7km from the city, it's closer than Moonah/Glenorchy. Got fond memories of the Indoor Sports Centre there where I played indoor soccer for a number of years during uni

If you can get something under $350-400k that'll be a better buy than Moonah/Glenorchy (why not one in each area?) where I think a good buy is under $300-350k.

 

I think Rosny and Lutana both have amenities close which makes them desirable. However, residents of both suburbs have told me they have issues with social problems in both places so they carry risk. Rosny used to be popular with young families when I was young as is now taken over by retirees. I think both suburbs badly need an injection of young families and in the case of Rosny I see little hope of prices staying as high as they have been. I think both are due for a correction. Rosny does have a pool within walking distance, state library, shops and schools and magnificent views too.

 

@hobartchic , I'm interested in the social issues you mention? Agree that houses are being held by the original owners for a lot longer meaninf youngee families cant move in (there's a 94 yr old near our place and others who have been in their places for over 30 yrs) but people like that stability.

 

I am also interested in the social issue if you would like to share more @hobartchic . I used to live in Hobart for almost 5 years and agree with you that Lutana may have social issue related to bogans but with the current trend, it may no longer exist. Lutana is still better than Glenorchy on that aspect. I have a number of friends living in Rosny, Rosny Park and Warrane. Rosny is mainly old people and very quite and peaceful. Rosny Park is a bit mixed with young family while Warrane has more young family but quite low scocio demographic.

@Pentanol I don't think there is any house in Rosny available for less than 400k. Rosny Park is possible if look hard enough. Yes, I know the issue with Nyrstar Smelter but Lutana does have its advantages for example water view (south east), amenties, close to North Hobart, close to Northgate shopping centre, close to main road. And if the demand for properties in Hobart keeps increasing, the council may relocate the industrial zone (have not heard anything about this) which will give the area a huge boost.

I think Lindisfarne is also a good area to invest

 

I would agree with you. There are still some problems in parts of Lutana though. I used to live in the local Rosny area and considered living there until hearing about concerns from locals (illicit substances, noise and damage to reserve areas). I would spend some time talking to people. I must admit I still think the area has potential but remain cautious. Lindisfarne has a better reputation but the retail area is over developed, busy and ugly. Probably not something most people would care about though. Lovely water views and good walking tracks.

 

Nothing wrong with people staying in an area but the place is ripe for renovation and improvement.

It used to attract young families up until the nineties when a lot of mainland retirees moved in and the prices rose and stayed high. Will it continue to attract retirees from the mainland? I doubt it, they all seem to prefer newer areas now for about the same money.

It no longer has a fire station, small shop or relaxed feel it used to. There's been issues with illicit substances, damage to some reserve areas and lack of maintenance of all the reserves and neighbouring properties. Noise is apparently an issue in parts of the suburb as well.

 

So what do you think are good suburbs in Hobart to invest now excluding Battery Point and Sandy Bay? If I am not wrong, you seem to think Hobart already reached its peak and is due for a correction?

 

I do think it's due for a correction but places like Sandy Bay are still selling well. I think it depends what a person wants too. The price of older houses, in need of renovation, has become obscene in my opinion. Newer parts of Kingston, Blackmans Bay, Oakdowns, Howrah Heights seem to do well. Not sure any of them have significant growth in them in the foreseeable future. I actually like parts of Lutana but the noise from traffic is an issue. It's always going to be dependent on the property and the area.
Even with restrictions in the aged care asset test there are quite a few 80 somethings with three or more properties. What happens when they flood the market? Will demand continue?
Perhaps I am wrong but volume is down in terms of sales in most suburbs.

 

Technical Analysis: The Importance Of Volume

 

The Journal of Real Estate on volume signaling demand and price (among other factors, though this is significant): http://pages.jh.edu/jrer/papers/pdf/past/vol01n01/v01p099.pdf

 

The issue with aged care asset test is applicable to the whole Australia not just Hobart so it means AU property prices will have a correction???