At number 20th in the list of Australian suburbs ordered by increase in median house value over the last year, Queenstown, 7467 is in the top 10% with a property value increase of 43.75% recorded in median house prices.
The five-year average increase in median property values for Queenstown,7467 has given property investors a potential capital gain of 81.10% across each of those five years.
Sellers are offering property buyers an average discount of -6.08% to buyers in Queenstown at the moment, which is less than average for the rest of TAS.
Renters in Suburb are facing rents around $9360 per annum or $180 every week.
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Queenstown is located 165km northwest of Hobart on Tasmania’s west coast, on the western slopes of Mount Oliver. It’s a relatively small community, with a population estimated at 5,119 in 2009. It’s got a rich mining history, having been the centre of the Mount Lyell mining district in the early twentieth century.
Its present industry still features mining, but is not reliant upon it – a number of mines still operate in the area, with exploration for further economic mineral deposits currently taking place. The town is also a popular tourism spot and is the terminus of the West Coast Wilderness Railway; additionally, it is home to a growing arts community, and hosted an arts and heritage festival in 2010.
Amenity-wise, the town is self-sufficient, with shops, cafes and restaurants centred around Orr Street and Sticht Street. The town also offers access to the Cradle Lake Mount St Clair National Park, the Franklin-Gordon Wild Rivers National Park, and Macquarie Harbour. Access is from the rest of the island is by car or daily bus to Hobart.
Investors may be interested in the scope for cash flow positive properties at very affordable prices. The median house price here is among the lowest in the country, while rental yields are approaching double digits.