Shorewell Park is in the bottom 40% in TAS when comparing median price capital growth over the last year. Shorewell Park gave property investors a disappointing capital gain figure when compared to the rest of the state, with 9.66%.
Across a shorter period, Shorewell Park, 7320 has seen a median price increase of 8.10% over the last quarter.
Property buyers and investors in Shorewell Park 7320 should be seeing an average reduction in asking price of around -2.75% . This means that Shorewell Park is holding prices well when compared to other suburbs in TAS.
With the median price for a house in Shorewell Park being $227000 and the advertised rent reaching $275 the gross rental yield for property investors calculates out to be 6.30%
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.