TAS Time to Hype Hobart Thread?

Lutana is definitely undervalued given its proximity to city and services! But the zinc works just throws a spanner in the works. However, I would totally live there.

 

thanks, New Town looks good

Is it his houses or are units also in demand

 

We certainly spent a lot of time looking at New Town and North Hobart but as stated, very low supply of investment grade (actually any) properties on the market.

 

The zinc works has buffers of green space on both sides and isn't visible from most areas

 

Lutana is in a good location. But the area worries me. Some very bad patches and a lot of lower income earners. In my opinion, unless an area is gentrifying than higher income earners push up property prices. But you never know, definitely could offer some opportunities.

 

Yes not to many investment grade properties on the market at the moment is an issue. And some are a bit to over priced, due to the strong interest in the areas. All the suburbs I mentioned above average between 1-2k views per property on realestate.com.

And there is also lots of local demand for these areas due to the horrific traffic congestion in all corridors going in and out of the city and things do not look like improving any time soon.

 

Houses are predominantly in demand. As where the houses are located in new town they are more federation and character homes, which attract more interest.

 

A little birdie who has dealt with Stve McKnight told me that he sold all of his properties years ago and just concentrates on his business. This was due to his strategy not being sustainable and the constant hassles involved with holding so many properties.

Makes sense as if you can build a successful business you will retire earlier and create more wealth faster than accumulating property.

 

Yes, I understand McKnight has finished his accumulation phase (building up properties to his desired level) and has moved into the commercial (income producing) stage, in line with his approach - use resi to build up the base level, then transfer to commercial as the income stream.

Back onto the Tas thread, I'll throw a spanner in and ask about Goodwood - yes, very very different to inner Hobart areas but there's never much for sale there!

 

Steve McK is now living in USA.

Has a massive property portfolio in Florida and a management fund dominated with USA commercial property.

One very smart investor, he knows streets are lined in gold at the moment. So many US markets are currently booming, have been since 2011 and no stopping this mother.

MTR

 

Please keep posting as I am interested to see how this market goes, it may give Brissy a run for its money, the little dark horse
I have a philosophy don't need to talk up areas if they are actually booming, the numbers talk for themselves.

MTR

 

- I would say tourism because of the lower AUS$ & associated construction to support it. (jobs for locals)

- People moving here to retire after booms in other places. Baby boomers who would of had to work extra 3-5 years in Sydney sell their home and retire here with an extra 300k in Super. Then then spend up in the nice cafes and restaurants.
- David Walsh.
- Utas is a relatively easy and cheap uni to get into. Even if a few % of international students stay as a % of people in a small place it adds up.


These are just personal opinions of why people come which drive up prices.

 

thanks, looking forward to see how this market performs in Spring/summer months. Thanks

MTR

 

Nocookies

What are the thoughts of the Hobart locals on David Walsh/MONA proposed second hotel/casino?

He got MONA done and I would assume he has some influential friends in Tas considering what he has done for tourism, so you would think it's likely to proceed if he has set his mind to it.

Edit: (Sorry it appears the link to the article in the Australian dated March 18, 2016 won't work)

 

MONA reveals plans for next phase of multi-million-dollar developments

Here's an article from Dec 2015 on the ABC

 

Cannot see it happening unfortunately. The federal group hold exclusive rights to operate casinos and pokie machines in Tas until 2023.

So anything he proposes will have to be in the interest of the federal group and he would not comply to their demands.

 

Out of curiosity what are peoples thoughts on Rosny and Bellevrie. Close to the CBD but across the bridge with view towards the city and Mt Wellington. We started to look here after having problems finding property in the suburbs next to the cbd

 

Yes I will update any major movements. Will be interesting to see how it fares over the next year.

I would think if you have good cash flow and can afford to hold a property in an inner ring Brisbane suburb that long term it would produce more capital growth though. But Hobart does offer possible CG, strong yields and low vacancy rates. So all comes down to individual circumstances.

 

Hi Radson

I spent a little bit of time in Hobart before my purchase in Sandy Bay and what struck me was the traffic in peak hour to get over the Derwent river. That may hold back CG on the eastern side of the river. Bellerive did strike me as a great spot though. Hobart locals may have a more educated opinion.

 

The PM fees I'm paying equate to 7% plus GST ...7.5% all up. There are some maverick agents undercutting the 10% mob. It's about time!