If the properties you love on the mainland are out of your price range, why not consider buying a house in Tasmania. Tassie has been growing rapidly in the past few decades, making it a great place to invest in a beautiful home with a kick back lifestyle and affordable housing.
A Cosmopolitan Lifestyle
While Tasmania used to be known for its retirees, many families and younger people continue to move off mainland Australia to Hobart. Between the stable and accessible property market and the low cost of living, Tasmania is a great place to buy a home.
The rich cultural heritage and bustling lifestyle is an advantage. Between events like The Taste of Tasmania, Ten Days on the Island, and of course MONA festivals Mona Foma and Dark Mofo, Tasmania now has more to offer than ever before. Wineries, golf course, incredible outdoor hiking and sailing opportunities for outdoor enthusiasts to enjoy a well round lifestyle is luring property buyers.
Tasmania’s Population Continues to Grow
The state recently recorded its highest population growth in almost a decade – much of it coming from interstate migration. Interestingly, the largest proportion of migrants are from overseas. For interstate migration, almost 14% relocated from Victoria and around 13% from Queensland.
Tasmania’s annual achievements only endorse its position further. Residential sales continue to grow and achieve new benchmarks year on year. Rental vacancies are at an all-time-low at under 2.0%, and average rents on both houses and units have increased by almost 8% through the course of 2018.
The Real Estate Institute of Tasmania’s (REIT) most recent quarterly report showed significant increases in both Hobart and Launceston over the last 12 months. Hobart’s median house price increased by 9.5% to $502,750, while Launceston’s jumped an impressive 14.8% to $350,000. If you’re looking to invest, now is the time.
Hobart Property Prices
If you’ve already developed the mindset of spending upwards of $700,000 for an average suburb home in a mainland city, you could instead catapult yourself into a whole other level of lifestyle when buying a home in Tasmania. What would be a multimillion-dollar property in Melbourne could be yours in Hobart’s most exclusive suburb of Sandy Bay, where the 3 bedroom houses have sold recently in the $750,000 – $900,000 mark.
For an even more affordable location, consider Glenorchy, a growing suburb where you can find a 3 bedroom home for around $450,000 to $500,000 to. As the area continues to grow, your property’s worth will continue to rise.
The gorgeous town of Richmond, 25 km north of Hobart, is a great choice for someone who wants to live in a smaller area yet still be close to the city. 3 bedroom homes sell for around $750,000, and they sell quickly, so jump on the opportunity while you can. If you love a quaint village atmosphere and vintage markets, Richmond is a great choice for you.
If you’re ready to make the move over to Tassie, check out some of the beautiful properties available. Whether you’re buying your first home or investing in a new property, you’ll be sure to find very good value.