Property value increases in Queenstown have tracked lower than the TAS average of 7.30% over the last 12 months.
Queenstown,7467 was ranked 400 in Australia by increase in median property value over the quarter.
LACK OF BUYER INTEREST may well be the reason that Queenstown is offering property investors an average of -5.70. This rate of discount on properties puts Suburb at number 2nd in terms of most discounted suburbs in TAS
A $155 per week rent on the median house gives suburb investors a gross yield of circa 11.12%, without taking into account capital value appreciation, which has been averaging out at -0.24%.
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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.