Hi All,
This Launceston topic has not been discussed for a while, so I'd like to check what you guys think.
Currently I have an investment property in Hoppers Crossing, Victoria and renting in Tasmania. Initially I was looking to add another one in Victoria around Point Cook/Seabrook area but found most properties there are way overpriced at the moment when comparing it with the land prices.
Hence, looking to put the money to Launceston instead. What are your thoughts about investing in Launceston? are we still expecting reasonable rental income with high occupancy rate but little capital growth or has the story changed now?
I'm looking around East Launceston, Legana, Riverside and West Launceston in particular (and maybe the surrounding suburbs).
Cheers.
As with a lot of areas at the moment the Launceston market is flat and if there is a good time to buy there it would be now. We bought a property in Ravenswood(the good side) 18 months ago it has experienced minimal growth in that time but we are in for the long haul. Rent is reasonable giving us a yield of just over 6% currently. If you do decide to buy an IP in Launceston just be wary of the Real Estate Agents if you decide to use one for property management good ones are few and far between
Thanks for the replay cmason. Who are the RE agents to watch from your experience? Which side is the good side of Ravenswood?
What other people think? will that price jump in 2002 happens again as prices in the mainland are reasonably inflated now…
Also, I notice when trying to deal with the agents in Tasmania they don't really do much. When I was shopping around in Victoria I can get this document called "Section 32" which detailed all the information about the property, including caveat, easement etc2. Every agent here seems only to give me a standard REIT contract …..is that kind of document called a different name in Tasmania? or do we need gather all those things ourselves? (Hence, what is the agent for??)
Elders Launceston is one definitely to steer clear of we had endless problems with them. Peter Lees who we are currently with are very professional and would reccommend them for property management.
Ravenswood is split by the main road which you use coming from Launceston CBD and leads to the IGA and splits in two. If coming from Launceston CBD the area to the right of that road is referred to as old Ravenswood and is considered the better part the part to the left has a lot of commission housing and if you are a Landlord more undesirable tenant pool(to try and put it nicely)
Have to say can’t remember if I got a S32 for our purchase.
Hi cmason,
I just made an offer for one in Newnham…
How about Harcourts Launceston for property management? or has anybody dealt with them before?
What sort off management and letting fee should i asked for in this area?…I've been paying only around 7% for my IP in Melbourne. Can I expect the same?
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