Lutana has had a pretty good year for property investment returns compared to the rest of TAS, giving investors a capital gain of 17.82% to date .
Across a shorter period, Lutana, 7009 has seen a median price increase of 4.33% over the last quarter.
Lutana7009 is located in TAS which offers an average discount of -5.69% to property investors. Lutana itself is showing figures that indicate -4.83% is the average achievable by property buyers investing in the suburb.
Residents and property investors in Lutana have been waiting around 25.95 days to sell a property.
The TAS suburb of Lutana, 7009 is in the Glenorchy local government area.
Lutana has had a pretty good year for property investment returns compared to the rest of TAS, giving investors a capital gain of 12.71% to date .
If we look at median property appreciation over just the last three months, Lutana has given property investors a paper return of 3.17%. This puts Suburb as 19 on a list of fastest fasting appreciating suburbs in TAS
LACK OF BUYER INTEREST may well be the reason that Lutana is offering property investors an average of -4.77. This rate of discount on properties puts Suburb at number 33th in terms of most discounted suburbs in TAS
Advertised rents are around the $310 mark per week – giving a return of 6.01% based on the median price in Suburb
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.