Over the last year, property investments in Warrane, 7018 have given investors a capital gain of 12.42%. This compares favourably with the 7.30% for TAS as a whole.
Taking the average capital gain, or increase in median house value, Warrane,7018 has racked up an average of 12.42% over the period. This ranks it number 103th in the whole country for real estate investors looking at median house price increases.
Warrane is 33th on a list of best yielding suburbs for rents in TAS with a 5.89% return
Property value increases in Warrane have tracked higher than the TAS average of 2.66% over the last 12 months.
Advertised rents are around the $380 mark per week – giving a return of 5.79% based on the median price in Suburb
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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.