Property investors who have had real estate in Warrane, 7018 should be relatively unhappy with this TAS suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices increase in value by 1.83%
Taking the average capital gain, or increase in median house value, Warrane,7018 has racked up an average of 1.83% over the period. This ranks it number 2183th in the whole country for real estate investors looking at median house price increases.
Property investors looking for a bargain in Warrane should be aiming for at least -6.20% off the asking price, which is the average vendor discount being achieved at the moment.
Advertised rents are around the $300 mark per week – giving a return of 6.60% based on the median price in Suburb
Investment property in Warrane has done not badly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of 6.24%
On average over the past year, suburb has had 0.83 sales per month, which equates to 10 per year.
With the median price for a house in Warrane being $272500 and the advertised rent reaching $290 the gross rental yield for property investors calculates out to be 5.53%
Warrane is just 5km east of the Hobart CBD, across the Derwent River. It’s a former Housing Commission suburb which has had something of a rocky reputation in the past: however, it’s becoming increasingly popular for younger buyers looking for affordable housing and property investors. Full summary
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Warrane is just 5km east of the Hobart CBD, across the Derwent River. It’s a former Housing Commission suburb which has had something of a rocky reputation in the past: however, it’s becoming increasingly popular for younger buyers looking for affordable housing and property investors.
Matthew Carn, director of Raine & Horne Eastern Shore, reckons the suburb attracts three types of investor: small-scale developers, renovators and those looking for an affordable investment.
“One of the strengths of the suburb is the size of the blocks its houses are built upon: these are typically around 800 square metres in size,” says Carn. “What many investors are doing is buying a property, chopping the block in two and building a unit on the back of the block.”
The predominance of older-style weatherboard houses also means much of the area is ripe for renovation, he adds.
While the area is largely residential, neighbouring Rosny Park has “all the services you could need”, according to Carn: it’s also well-located on the Tasman Highway, with commutes to the CBD taking less than 10 minutes. As the suburb is quite long and narrow, it’s difficult to stray too far from the highway, adds Carn. Instead, he recommends seeking out properties that are as close to the amenities and employment opportunities of Rosny Park as possible.