With a capital gain of 2.74% for the last 12 months, Shorewell Park, 7320 has performed for property investments than its average annual 2.56% property growth over the last 5 years.
A 21.92% growth in median value for property investors in Shorewell Park,7320 puts this suburb at number 35th in terms of best performing suburbs in TAS
Sellers are offering property buyers an average discount of -4.66% to buyers in Shorewell Park at the moment, which is less than average for the rest of TAS.
Shorewell Park, 7320’s gross rental yield is 7.30%
Information supplied by:
Low rent attracts tenants
Median house price: $162,000
Vacancy rate: 0.5%
Three-year growth: 25.1%
Located in the southwest part of Burnie, the suburb of Shorewell Park was established quite recently in the 1970s. It has been well occupied since then, with the average vacancy rate falling from 1.5% to a very tight 0.5% in the period of February 2017-2018.
The suburb took a significant hit in the February 2018 quarter when house prices plummeted by 25.3%. Such properties have become very affordable at a median value of only $162,000, and the weekly rent rate of $210 is one of the lowest in Tasmania. This could be bringing in tenants.
Shorewell Park serves residents’ needs through the Hilltop Shopping Centre, which contains a supermarket and pharmacy. The Burnie Community House cultivates a market garden, and offers training and assistance to those in need.