I know a few people who are buying in Devonport (due to the ferry from Sydney). Wondering if anyone with local knowledge has comments on this area.
Why? Nothing against Devonport, and yes there are positive cashflow deals to be had, but on the basis of the ferry arriving there?? Think about it:
1. There is already the Melbourne ferry arrives there, so its not that big a deal.
2. Apart from a few lunchtime cafes that will benefit – when everyone departs the ferry at around midday – what’s the first thing people are going to do? Start their drive to the east coast, Launceston, Cradle Mountain or Hobart most likely. Don’t think there will be many stick around in Devonport… there’s not really a lot there. Devonport accomodation won’t be affected much as the arrival/departure is midday not morning or evening (as with the Melbourne ferry).
3. I can’t see people visiting Tas and leaving with the thoughts “that was a great holiday, and wasn’t Devonport nice – and a ferry to Sydney too – I think I’ll buy there.”
There are some new hotels going in on the east coast, more a tourist area that is likely to benefit from the ferry – and hopefully Tas overall will see a boost to the economy, but I wouldn’t buy in Devonport simply because there is a new ferry.
Hey Tim W are you out there to comment on this?
Tas [
]Hi Mitivated,
Yep I have to agree with Tas Investor on this one, at least from a long term view point.
While Devonport is (and will continue to in the short to medium term) experience some good growth in property prices there are other areas of the state out performing Devonport.
After some research I believe that has to do with a fundamental of population growth in these areas.One thing Devonport does have going for it (other than the ferries) is a large planned expenditure for the redevelopment of the CBD waterfront over the next 10 yrs should it go ahead. So this is encouraging, particuliarly in regards to commercial property **hint**.
Having said that I expect for there to be some very good opportunities in the Devonport area in the coming years for residential and commercial, if you are to position yourself properly to take advantage of them.
If you are planning on buying from interstate, I suggest you come and spend some time checking out the area for yourself so that you get to know it (as if you lived there), otherwise I fear you may get burnt!
Tas Investor – we should catch up again sometime.
All the best & God Bless.
Tim.
“Poverty is not an option”
tim – i thought the clergy take a vow of poverty!
or is this old hat?
[]Just a point on devonport.
Sure there is some growth at the moment but as a long time Taswegan my gut feeling is it is all driven by those people from overseas the mainlanders jumping on steves bandwagon and looking for positive cashflow or good negative geared peoperty as there property is tooooo expensive to get a good return due to property boom.
Advice just be cautious as we have just turned around a negative population growth and there will come a time where it wont be possible to fill the properties with renters forcing rent down and reducing cashflow.As a finance broker i am seeing it affect the first home owners ability to get into property so still maybe a good area for Wraps.
Any further questions
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