Hey folks, Considering a move to Hobart. It won't be for another year or two. I'm not a fan of trying to time the market because we all know the saying.... But I'm considering whether it's a good idea to buy a house down there soon. This would mean I'd have to go down there on holidays and look at houses which makes it a bit tricky. My other option is to wait until we move down there in a year or two, then rent a place and get a feel for the area and whatnot and then buy a house. I don't want the market to run away and houses that are currently of interest then be out of reach. I like the Sandy Bay and North Hobart area. There's opposing information out there stating contrasting opinions on the outlook for Tas, Hobart in particular. For example, Simon Pressley predicts 20% growth this year and 40% over the next 2 years. What are your opinions? Thanks!
Some info on buying in Tas: Enquiry (To check.properties by address) LIST for overlays and plans etc Get a building or land surveyor and do your due diligence prior to putting in an offer. There is no cooling off period and no vendor disclosure. Check flood and fire prone areas, landslip, illegal building works, mould, incomplete works, asbestos. Many concrete pads do not have damp proof membrane. There are many unregistered pipes or cables. Do your due diligence. You will find better quality builds On the mainland so be prepared for that! Remember there is a housing crisis in Tasmania displacing many Tasmanians. Middle class employed sleeping in cars and on friends sofas. Homeless families. Etc Resulting in an antipathy towards people moving here. Moving on a whim is something to be discouraged. Recommend take a working holiday to get a feel for the culture, climate, housing crisis and lack of employment. If you have your own business or self employment you should be good. Media and glossy homesteading magazines are responsible for people making an Ill informed move to Tas. TPC about to cap Airbnb properties which should free up properties for rent. Tight rental.market equals prices not going down. Hope that gives you some idea
That's good information to know, thanks mate. My partner and I are both teachers so could probably get employment pretty easily. I'll have to be aware of the conditions when making offers on houses though cheers.
I spend a bit of time in Hobart and it is a great place, although I can't see where 20% growth is going to come from in the next twelve months. Rentals are difficult to get hold of at the moment for reasons I do not know. From what I casually observe there has been an influx of sea changers from the mainland over the last few years which has probably been a big driver of prices as there doesn't seem to be any other reason for everyone having moved there. There are some nice areas just out of Hobart too that are only a short drive into town (short by big city standards). Launceston might be worth a look at too. People I know in Hobart seem to forever be needing to go to Launy for one reason or another.
If you’re moving somewhere then when you move is a good time to buy . Do you know why people say it’s time in the market not timing ? Two reasons . Either they don’t know what they’re doing or their income is dependent on people buying at all stages of the property cycle . We have consistently timed the market over the last 25 years and have made a lot of money doing it z btw , from the investment / timing the market now is not a time to buy in Tassie .it’s at / just past it’s peak . cliff
Fair comments, thanks for the reply. I do generally agree that it would mostly be appropriate to buy a place once we've moved there. Only concern is if prices rose 20% plus over the next couple of years then similar properties to those I've been looking at would be out of the budget? I know, it would be great if we all had a crystal ball to tell the future, but are you of the opinion that Hobart market will flatline/decline?
Hard to know Typically Hobart moves after Brisbane but this cycle it moved before . this was due to a change in the perception of Tasmania. It’s now considered cool among more groups . What happens next is how all the people who moved to Tasmania think about their move after they’ve been there in a couple of years time . Will they be thinking “that was a mistake …” or will they be telling their family and friends “ it’s great down here , you should think about moving “ if you look at some of the older threads on Hobart / Tassie you will find a steady trickle of locals down there who are quite negative about the prospects , but I think people moving there are looking for a quieter lifestyle . We’ve bought and sold properties in Hobart . We’ve also bought and still hold a couple of properties in Launceston . We’re intending to hold those long term . Cliff
Generally speaking, with the exception of Hobart, most capital cities have staged a modest recovery over the past few months. I just watched the Core Logic update for July and understand Hobart has a lot more listings compared to historical average and selling days have ballooned. Just wondering what your thoughts are on Hobart for purchasing an IP? Cheers
Why would you predict it will do better over the next three years than WA? Seems like buying at 2 o'clock in Tassie but you never know.
I'm curious because Perth has taken off already while Hobart hasn't but you are right about not knowing how Hobart will perform in the future.
Maybe if you are only looking at the last 18 months. Hobart is up 100% in the last 10 years i.e. it's doubled, Perth is up 10% in the last 10 years. Hobart is more expensive than Perth, is a much smaller city and has much lower incomes.
