Where in Launceston is the best place to buy an investment property?
5 Answers
Hi Kimberlina, all outer suburbs within 5 to 15 minutes of the centre of Launceston are potentially a good investment opportunity. If you are chasing capital growth and security, closer to the centre of Launcestons CBD would be the safest option. Affordable options are the outer suburbs of Launceston with prices ranging from $100,000 through to $300,000 which generally produce great initial returns. Invermay and Mowbray may be a great start in the current market with recent projects on the go in the area such as a new Targett store currently being developed in Mowbray, the university is located in Mowbray, along with a new bunnings store being planned to build ATM in Invermay. Northern suburbs, low cost, generally good rental returns - 6% to 8% with potential capital growth over the next few years. This would be my choice, but if I was chasing a secure investment (low risk) closer to the launceston CBD would be my next point of call. Hope this helps...
Best are would be Waverley, easterly suburb of Launceston. You can buy a 3 bedroom house for $140-$180K, with rents of $200-$230pw. The suburb is highly visible, as it's off the A3 highway, & is literally the gateway to the East Coast. The suburb is changing & improving rapidly- building on it's natural beauty of it's own lake backdropped against stunning mountain & city views, it is now it's own boutique winery as well! Planted in 2005, and now producing red & white wines, and offers tourist accomodation. Waverley is also the site of the world famous Waverley Woolen Mills. The suburb already has great returns, and will produce capital growth as it has so many things coming together for it so quickly now. The suburb should not be confused with the "out of the way" suburb of Ravenswood which does not offer as many growth prospects. Instead, Waverley is on the highly visible A3 Gateway to the East Coast, & is now aligning itself more with prestigious suburbs such as Newstead & changing very rapidly.
Can you find me a house $200k?
Hi, Waverley in Launceston is definitely not as lovely as you make it sound. It is primarily a housing commission area and very low socio-economic area with slow growth. It neighbours Ravenswood which is also a well known housing commission area and suburbs that locals all avoid.