Over the last year, property investments in Shorewell Park, 7320 have given investors a capital gain of 16.40%. This compares very favourably with the 7.07% for TAS as a whole.
The five-year average increase in median property values for Shorewell Park,7320 has given property investors a potential capital gain of 52.71% across each of those five years.
The most recent median price for Shorewell Park is $197000, with sellers offering an average of -3.99% off the asking price.
Advertised rents are around the $280 mark per week – giving a return of 7.39% based on the median price in Suburb
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.