Hi Gang,
has anyone invested in properties in Queenstown Tasmania? If so, how did you go? Is there much demand for rentals? Do they pay decent rent? Are the houses worth renovating? Is there much money to be made on renovating? Thanks, Rosemary.
One of my clients owned half the town down there.
Its a different sought of world down there.
-There is only one or 2 agents so little choice.
– Cheap houses are falling down,
– banks are not keen to lend down there,
– high rates compared to value
– mines closing
– hard to find a builderI have another client who did 2 renos there. He is a builder and put in a new kitchen which was worth almost as much as the house – and it didn't add much value.
Oh, there is a third client who has a property down there with it positive geared from day one. He is letting it pay itself off with a PI loan. That one is going well.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
very polite description Terryw "Its a different sought of world down there"
There are much nicer places in Tassy to invest in just look on http://www.realestate.com.au in the $60,000 to $120,000 price range in Tassy. Was looking at it this morning 10/02/2010.
Hi Gang,
thanks for your comments. We were in Tassie last year and to be honest, I found Queenstown rather damp and dreary. That was only April! No offense to any Tasmaians, but I hate cold weather. I guess the price of property reflects the environment.
Best regards,
Roseagain.Hahaha, the 2 things to bear in mind when you come to tasmania:
A: Don't judge it by Queenstown, if you do your research – the place is as beautiful as any other Australian state. Queenstown is a mining town – simple and rundown.
B: Don't judge the weather – four seasons in one day! And don't forget we have had the wettest year in (don't quote me) 50 years if I recall, so naturally it will be dreary on a wet day in a rundown town ha.
I'd personally avoid buying more than 1 house in Queenstown, just take a look on realestate.com – over 3 pages of houses for rent and no one to rent them
Try Turners Beach, Ulverstone instead – If you can find a proporty that has a zoning of Business Satellite – rare now- look at it as you can live and have a shop front and there is no hight restriction on the zone – its a real anomally. I bought one, did a plan for a small shop at the front – got it approved then sold it to the neibhour – 65k profit for 3 months work. The neighbour dozed the house and built a chemist.
Last month i spent some time driving around Tassie, and it is an awesome state. Queenstown seemed to haver over half of its properties for sale and they were extremely run down. I think there are plenty of other spots down there that you would find something better. I think in terms of access to agents/builders/etc the east coast would be better, (look around Bicheno etc)
Hope it helps
Mark
Hi Gang,
thanks for all your replies. We fell in love with the east coast and I wanted to stay in Bicheno forever. The Bay of Fires is also gorgeous.
Take care,
Roseagain.
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