Not sure where to look in Australia for your new or next investment property? Well, you are in luck. This post highlights one of Australia’s best performing states when it comes to investment property. In particular, it looks at why it is a great time to look at Tasmania for your investment property.
When it comes to investment property, location is very, very important. It has the potential of making or breaking your investment before it even begins. It is with this that all profitable real estate investors do everything they can to find an ideal location. That said, finding an ideal location is not as straight forward as it seems. This is more so true in Australia’s real estate market. Why? Well, there is currently a price decline in just about every capital city in the country. Furthermore, there are so many elements that go to determining what a perfect location is.
Having said that, below we’ll be looking at an Australia state that is ideal for your investment property. To do this properly, we will look at key major points to any investors, price growth and demand. So what state will we be looking at? Well, Tasmania.
Why Tasmania For Your Investment Property?
In 2019, investors are more likely to stay away from Australian cities, states or suburbs with high prices. They are also looking to stay away from locations with the fast falling price decline. A big reason why this is so is profit or ROI (return on investment). Striking it rich in locations with high prices with your investment property is very difficult. In fact, as an investor, you are more likely to hold the bag than see a return on your investment. This is why you should think of Tasmania for your investment property.
In Tasmania, homes are very affordable. This affordability gives this Australian state its outstanding feature. With affordable prices, home sale numbers in this South Australian state is and has been on the rise. In fact, in Tasmania, homes sell way faster than any other place in Australia right now. If you were to have a home in Tasmania up for sale, you can expect to sell it in record time. This, of course, comes down to how you handle your investment property.
In addition to home sales, affordable home prices in Tasmania has led to double-digit annual price growth. It is this price growth that makes Tasmania perfect for a number of investment property projects. Almost all areas of substance in Tasmania has recorded an annual price growth of 5% and above in 12 months. Some of these areas are known to have a 10% plus annual price growth.
Finding suburbs in Tasmania with falling prices is close to impossible. The same also applies for suburbs with minor growths. That said, regional Tasmania, unlike other areas in Australia continues to show a rise in prices. Likewise, it shows strong activity in the housing market.
Ideal Tasmania Location For Your Investment Property
While the whole of Tasmania is perfect for your investment property, some areas are more than ideal. One such area is the town of Richmond. It is located about 25km north-east of Hobart, another location perfect for your investment property. In Richmond town, the median house price stands at $630,000 this represents a 44% increase. This increase is for a 12 month period.
Finding an ideal place for your investment property in Australia requires an extensive real estate market analysis. In most cases, this is information only certified real estate companies can offer. One such company is Duplex Invest. They do have a team of experts happy and ready to assist you with all your investment property needs.