Shorewell Park has had a very poor year for property investment returns compared to the rest of TAS, giving investors a capital gain of -16.35% to date .
While Shorewell Park,7320 ranked number 62th in TAS for increase in median house value (annualised) increase, it is ranked 79th over the last 5 years.
Our latest figures would indicate that property sellers in Shorewell Park are currently offering property investors an average price cut of -4.69% below the asking price at the moment.
At number 2455 in a list of fastest selling suburbs, Shorewell Park is in the bottom 40% of suburbs in Australia with an average of days on market 82.1739 for properties listed there.
Shorewell Park is 13th on a list of best yielding suburbs for rents in TAS with a 7.32% return
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.