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 15.33%
When looking at the potential capital gains offered to property investors over the last 3 years, Lutana comes in at number 52th in TAS.
Lutana7009 is located in TAS which offers an average discount of -6.12% to property investors. Lutana itself is showing figures that indicate -2.28% is the average achievable by property buyers investing in the suburb.
In the last year 48 properties changed hands in Lutana, which puts it as the 65th most active market in TAS when comparing the number of sales per suburb.
Lutana has had a pretty good year for property investment returns compared to the rest of TAS, giving investors a capital gain of 14.81% to date .
Comparing Lutana,7009 ‘s 5year and quarterly average capital gain offered to property investors, it performed less well across the longer period
At number 42 in a list of fastest selling suburbs, Lutana is in the TOP 10% of suburbs in Australia with an average of days on market 15 for properties listed there.
Property investors should expect to get $350 weekly from the median priced house in this 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.