All Topics / The Treasure Chest / Hobart are there any good deals left

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  • Profile photo of willrogerswillrogers
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    @willrogers
    Join Date: 2003
    Post Count: 25

    Ive been looking in the papers lately and continue to see information confirming that Hobart prices are boominng. Most of the talk is about residential, does anyone know if there are any movements in the commercial market.

    Profile photo of Tasman PropertyTasman Property
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    @tasman-property
    Join Date: 2003
    Post Count: 126

    Hey Willrogers

    All Tassie residential RE prices (not just Hobart are booming) – that’s definite. 3 properties I purchased exactly 1 year ago have recently been appraised higher by between 30% – 50%, and a property I bought 2 years ago is worth almost double.

    There is huge demand by mainland investors – and ads in the RE guide you may have seen now often say “attention mainland investors!!” – but agents are scratching for listings. Literally whatever they have is going within a couple of weeks at most.

    Some, not all, people are buying unseen over the internet – and I have seen an open home recieve 7 offers on the same day.

    This makes it hard for me (I am based in Sydney) so has effectively put my investing on hold as I know whatever I find from here and fly down to look at will be sold at top dollar. I think you would need to live there in order to find the nuggets!

    I am not active in the commercial market, but I believe that it is just starting to move now. There are a number of commercial opportunities in the state, but for various reasons they are not being pursued as actively by investors. Keep in mind that the Tassie economy is a lot slower than most other places. The only big news recently is the new tourist car ferry from Sydney to Hobart just announced (starts this summer).

    I wonder what Adelaide commercial property has done over the last few years, as this seems similar to the ‘re-rating’ of Adelaide prices over this period. Perhaps Hobart will follow a similar trend?

    Profile photo of viralkviralk
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    @viralk
    Join Date: 2003
    Post Count: 65

    I do agree to that. I bought house in Hobart in March and it has gone up by 25%. I am thinking to buy another within weeks but I think i have to go there to buy. Can any one give me more info. about market in Tazi now..pls.

    Cheers
    viral

    quote:


    Hey Willrogers

    All Tassie residential RE prices (not just Hobart are booming) – that’s definite. 3 properties I purchased exactly 1 year ago have recently been appraised higher by between 30% – 50%, and a property I bought 2 years ago is worth almost double.

    There is huge demand by mainland investors – and ads in the RE guide you may have seen now often say “attention mainland investors!!” – but agents are scratching for listings. Literally whatever they have is going within a couple of weeks at most.

    Some, not all, people are buying unseen over the internet – and I have seen an open home recieve 7 offers on the same day.

    This makes it hard for me (I am based in Sydney) so has effectively put my investing on hold as I know whatever I find from here and fly down to look at will be sold at top dollar. I think you would need to live there in order to find the nuggets!

    I am not active in the commercial market, but I believe that it is just starting to move now. There are a number of commercial opportunities in the state, but for various reasons they are not being pursued as actively by investors. Keep in mind that the Tassie economy is a lot slower than most other places. The only big news recently is the new tourist car ferry from Sydney to Hobart just announced (starts this summer).

    I wonder what Adelaide commercial property has done over the last few years, as this seems similar to the ‘re-rating’ of Adelaide prices over this period. Perhaps Hobart will follow a similar trend?


    Profile photo of willrogerswillrogers
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    @willrogers
    Join Date: 2003
    Post Count: 25

    Thats great to hear! I dont have any residential property down there but have a Commercial property directly across form the Mall in the CBD. It takes up 2/3 of the stree and is three stories. We picked it up for 520k its been valued in at over a mil. Thinking of ways to develop it.Commercial may be the deal. Will

    quote:


    Hey Willrogers

    All Tassie residential RE prices (not just Hobart are booming) – that’s definite. 3 properties I purchased exactly 1 year ago have recently been appraised higher by between 30% – 50%, and a property I bought 2 years ago is worth almost double.

    There is huge demand by mainland investors – and ads in the RE guide you may have seen now often say “attention mainland investors!!” – but agents are scratching for listings. Literally whatever they have is going within a couple of weeks at most.

    Some, not all, people are buying unseen over the internet – and I have seen an open home recieve 7 offers on the same day.

    This makes it hard for me (I am based in Sydney) so has effectively put my investing on hold as I know whatever I find from here and fly down to look at will be sold at top dollar. I think you would need to live there in order to find the nuggets!

    I am not active in the commercial market, but I believe that it is just starting to move now. There are a number of commercial opportunities in the state, but for various reasons they are not being pursued as actively by investors. Keep in mind that the Tassie economy is a lot slower than most other places. The only big news recently is the new tourist car ferry from Sydney to Hobart just announced (starts this summer).

    I wonder what Adelaide commercial property has done over the last few years, as this seems similar to the ‘re-rating’ of Adelaide prices over this period. Perhaps Hobart will follow a similar trend?


    Profile photo of SooshieSooshie
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    @sooshie
    Join Date: 2002
    Post Count: 974

    Hi there,

    The Mecury Newspaper has it’s property section come out on Friday. You can get copies sent to you, if you call their customer service clerk on
    03 62 300 553. It’s very informative.

    Hope this helps some
    Cheers
    Sooshie [:)]

    “Giving is a Blessing, receiving is the bonus”

    Profile photo of Tasman PropertyTasman Property
    Member
    @tasman-property
    Join Date: 2003
    Post Count: 126

    Good tip Sooshie,

    I pick up my copy in Sydney at either Wynyard Station or Town Hall Station (there are other newsagents that get it too) around 11am on Fridays (when it arrives), or they will save a copy for you on request. Its about $1.25 – $1.50 depending on where you go.

    Tas

    Profile photo of willrogerswillrogers
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    @willrogers
    Join Date: 2003
    Post Count: 25

    Thanks Tas and Sooshie,

    Hey I was wondering, seeing that everyone is chasing the residential properety, probally as large a house as they can get. What do you think would be happening with say the 1-2 bedroom appartment or flat market? I bet its possible to pick up cheapies in this part of the market . Maybe there is the possibility of the same thing happening in and around Hobart as happens in most capital cities ….people stat chasing the inner city appartments. …..Just a thought Will

    quote:


    Good tip Sooshie,

    I pick up my copy in Sydney at either Wynyard Station or Town Hall Station (there are other newsagents that get it too) around 11am on Fridays (when it arrives), or they will save a copy for you on request. Its about $1.25 – $1.50 depending on where you go.

    Tas


    Profile photo of hwd007hwd007
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    @hwd007
    Join Date: 2002
    Post Count: 247

    Hmm I thought Tassie market was dead. Now you got me thinking. But what are rents like ? I don’t think you can beat Brisbane.

    Profile photo of willrogerswillrogers
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    @willrogers
    Join Date: 2003
    Post Count: 25

    Im sure the rents will cover and give a
    + return. I think the house market is probally looking a bit sad. The Australian has been promoting it for the last 18 months. Thats why I thougt there maybe a bit happening in the smaller end of the market. Im not sure what happens in Brisvegus whats the ratio between rent and purchase price there?

    Will

    “Live your life so you wouldnt be afraid to sell your parrot to the town gossip”

    quote:


    Hmm I thought Tassie market was dead. Now you got me thinking. But what are rents like ? I don’t think you can beat Brisbane.


    Profile photo of Tasman PropertyTasman Property
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    @tasman-property
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    Post Count: 126

    Hwd007 – the rents are the best part! (must admit I cannot compare with Bris though, not my area… yet!)

    Vacancy rates seem lower than other places I’ve researched, and typical rents are $150-$180 p.w. for a 2 bed home and $180-$220 p.w. for 3 bedder.

    This is for purchase range say $100,000 – $200,000.

    A unit will typically rent for $90 – $130 p.w.

    The interesting thing about Tassie is that these rental figures seem to be capped at about $200 p.w. in reality. I guess thats about the point where people start saying “this isn’t Melbourne or Sydney you know!!”

    The only way to beat this amount is rent something in Sandy Bay (Vaucluse of Hobart) that costs say $400,000 – $500,000. Then you might get $260 p.w. The point is that your returns diminish rapidly once you get above the median price range.

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