Am interested in investing in this region, anyone have any thoughts or experience?[biggrin]
It’s a coastal town, so that’s in it’s favour. Of course, Bass Strait would be a bit chilly for much of the year. I believe Burnie used to be semi industrial but they’ve lost a bit of industry. I imagine their trying to attract tourists as much of Tasmania is.
I own a little block of units in Somerset – 5 klms outside Burnie. It’s across the road from the water. I bought it 18 months ago. The block was a bit tatty and untenanted. Getting tenants was a hard slog – the tenant pool is neither plentiful nor high quality at the lower price range. I’ve now got 6 tenants and the block looks better. It’s increased in value by around 60%. I’ve heard that prices have stagnated in the area – mainland investors were driving the demand.
Best idea would be to talk to some property managers down there.
Scott
Personally I don’t like Burnie – dirty industrial town, low income area, high unemployment (as does most of Tas though).
You are probably too late for a good buy – as depreciator said mainlanders have been driving price rises for 18 months to 2 years, so you will be buying at the top of the swell.
How about vacant land?
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