If you compare the increase in value of investment property in Shorewell Park, 7320 to the rest of Australia, it performed very well. The median increase in value, or capital gain property investors experienced for this TAS suburb was 17.96%.
Shorewell Park,7320 has offered an average of 17.96% return per annum in house price rises to property investors over the last three years.
Property buyers and investors in Shorewell Park 7320 should be seeing an average reduction in asking price of around -4.19% . This means that Shorewell Park is holding prices well when compared to other suburbs in TAS.
Using the current median advertised rental of $267.5 and the average annual increase in value of a median property of 5.20%, investors should hope to achieve an overall return of 7.06%
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.