With a capital gain of 11.26% for the last 12 months, Lutana, 7009 has performed for property investments than its average annual 3.85% property growth over the last 5 years.
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Lutana has increased when compared to the 5 year average annual rate.
Lutana, 7009 is offering TAS ‘s 33th most discounted properties when looking at the average discount being offered by vendors. This puts it in the TOP 30% of discounts offered by this TAS.
On average over the past year, suburb has had 4.17 sales per month, which equates to 50 per year.
Investment property in Lutana has done well for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of 11.21%
Comparing Lutana,7009 ‘s 5year and quarterly average capital gain offered to property investors, it performed better across the longer period
The TAS suburb of Lutana, 7009 is in the Glenorchy local government area.
Investors looking for an affordable suburb that is likely to perform strongly would do well to consider Hobart suburb Lutana. With stunning views of the river and Mount Wellington, many will be shocked to discover that its median house price is under $300,000. Full summary
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Investors looking for an affordable suburb that is likely to perform strongly would do well to consider Hobart suburb Lutana. With stunning views of the river and Mount Wellington, many will be shocked to discover that its median house price is under $300,000.
Lutana is just 5km north of the CBD. Part of the reason for the suburb’s affordability is its proximity to the Zinifex zinc works: in fact, the suburb was originally built by the Electrolytic Zinc company as homes for its employees at the nearby zinc smelter.
There have been issues with soil contamination due to past activities at the Zincworks – albeit with no danger to residents’ health – and current owner Zinifex has been spending significant amounts of time and money cleaning up the Zincworks since it acquired it 20 years ago. As a result, Lutana has been overlooked for several years. Meanwhile, many locals describe it as one of Hobart’s ‘best-kept secrets’.
The suburb is largely residential, with a few local stores on Brooker Avenue, but neighbouring Moonah has a significant retail amenity presence, with a sizeable shopping centre. Moonah also provides local schools.
It’s a small suburb, principally made up of detached houses. While there’s a sizeable retiree community, it is becoming more popular with younger families and there may be scope to add value to shabby properties through renovation – especially those built by the original Zincworks operator.
Rental yields are among the strongest in northern Hobart at over. The suburb also has a tight rental market, with a vacancy rate that's barely risen above 2% over the past five years, according to SQM Research figures.
Properties on the eastern side of the suburb may suffer from the aforementioned soil contamination issues, so buyers may wish to stick to the west of the suburb and would be well advised to carry out ground surveys prior to purchase.