Hi All:
what do you think about investing in Burnie, Tasmania? Any one with good or bad experience? What do you feel about midium and long term prospect?
Regards
SharifBurnie used to have a bad reputation due to the industrial industries and paper mill that use to pollute the air .
check if these industries still operate in Burnie.Hey Sharif. Burnie has been ok for us. It is still quite possible to get close to CF neutral for a reasonable house, that will have a steady increase in value each year. Property has conservatively gone up median wise around 8-15% in the last 18 mths or so depending on suburb. Pro's are there are no whiteant problems! Depending on the type of property you are looking at, I would suggest making sure it has had windows replaced, and roof and wiring are ok. There are some nice houses, but with the older weatherboard ones some are rotting where they stand, and watch for 'unofficial' additions underneath them such as extra rooms after whacking out half a dozen or so piers without bothering to replace! You will find seaviews come with many, and like anywhere there are bad areas. Shorewell Park seems to be the 'bad' part, but that said, I notice it has experienced significant capital growth in the last 2 years, so you never can trust those agents eh? Rental returns are good, around 5-7 % depending on property/tennant/area/agent, but if you have something goingup in value annually slowly but surely, that's better than most of oz except for mining areas. The whole of the Nth West Coast, Devonport, Burnie, U;verstone,and Penguin (boy I wish we had bought there a year or two ago) is nice and 'solid'. All the best with your journey!
Hi Sharif,
Coming originally from Tassie and having family down there still I may be able to shed some light for you on the current state of things not only in Burnie but also the whole of Tassie in terms of an investment. Thanks to people like us who have gone down there and bought up just about everything pricing is par on pap now in some places with Melbourne, unfortunately for the locals the incomes are not the same and they cannot support mortgages that can be catered for over here on the 'mainland'. The lack of manufaturing etc all over Tassie is leading to major holes, even with the 1st home buyers grants, for anyone down there to enter the market. Hence the massive hikes in rental demand not only in Burnie but also all of Tassie. Many of the locals are not used to seeing pricing where it is and are not willing to pay for it, with many of them still under the belief that it may still come back down a fraction?? That being said rental demand and achievable rental income is very high at present and in there local papers only a couple of weeks ago they are predicting rentals in Tasmania as a whole to go up another, 15% in the next 18 months. Although the same cannot be said for the prices, having a property returning these types of rental estimates has to be good news frrom an investment point of view. Although not so good for the locals.
Hope some of this helps in your decision best of luck – regards Amanda
Thanks all of you for your valuable comments. It appears that one can buy a house with $150k witth a good size block. Is there any particular area to avoid? Do any one of you have any experiencing of subdividing there?
Regards
SharifHi Again! What do you think about ex-housing commission houses in Burnie? Any comment?
Sharif
You must be logged in to reply to this topic. If you don't have an account, you can register here.
