Huge Opportunities for Property Investors in Tasmania
Low interest rates and the fact that Tasmania has the lowest median home prices in Australia are making the Apple Isle very attractive for investors. The conditions are particularly favourable for investors to enjoy high rental returns.
RP Data showed that the residential housing market in Australia is worth an approximate $4.86 trillion, making it the largest asset class in the country.
Tasmania’s residential property is worth an estimated $2 billion and Hobart is seeing Australia’s second highest median rent, at $493 per week. Darwin is the only other Australian city with a higher median rental yield.
According to Kent Medwin, Managing Director of Rock Property, it is currently an excellent time to rent out property in Tasmania. He said that Hobart currently had very stable rent when compared to other Australian cities.
Adrian Kelly, President of the Real Estate Institute of Tasmania, provided further reasons for why the Tasmanian property investment market was so attractive. Kelly said that the vacancy rate in Hobart decreased by half over the last year and is now sitting at around 2.5%.