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Best Suburbs in Tasmania to Invest in 2024
By Deltos Finance on February 20, 2024
There are good reasons property investors are increasingly drawn to Tasmania. The state boasts breathtaking natural beauty, vibrant culture and reasonable costs, making it a good place to live. More importantly, it’s filled with promising real estate investment prospects. If you plan to invest in property in Tasmania in 2024, we will help point you in the right direction. Scroll down to find the best suburbs in Tasmania to invest in, especially in terms of affordability, rental yield, and capital growth.
East Devonport: A Coastal Gem with Infrastructure on the Rise
Beyond being the major sea gateway to Tasmania, Devonport is home to one of the most sought-after suburbs in Tasmania: East Devonport. It is a coastal gem that offers a pristine and safe environment to a broad demographic of tourists and tenants.
Affordability
With its median house price of $455,000, Devonport offers an accessible entry point for investors. It has a coastal charm with a welcoming community vibe, making it an attractive option for a broad demographic.
Rental Yield
Based on Real Estate Investar reports, Devonport has an annual rental yield of 4.28%. It strikes the perfect balance between affordability and income potential, making its suburbs, like East Devonport, a solid choice for investors seeking steady returns.
Capital Growth
The suburb is witnessing infrastructure investments that are likely to enhance its growth and attract more residents. Plus, the presence of the Spirit of Tasmania ferry terminal ensures steady interest from both tourists and potential long-term residents.
If you need help exploring investment property prospects in this area, don’t hesitate to reach out to our team of dedicated mortgage brokers in Devonport.
Acton Park – A Mix of Tranquillity and Urban Convenience
Acton Park, located just a 15-minute drive from Hobart and a mere five minutes from the airport, offers an ideal location for families, nature enthusiasts and tourists seeking picturesque acreages and ample space. Despite its serene location, Acton Park boasts city-like amenities nearby.
Affordability
Acton Park is considered one of Hobart’s more premium suburbs, with property prices reflecting its desirability and location advantages. Reports have detailed that the median house price in this Tasmanian suburb is $1,180,000. So, if you’re looking for luxury homes to rent out or sell, don’t skip checking Acton Park near Hobart.
Rental Yield
The rental yield in Acton Park would likely be influenced by its premium status, potentially offering lower yields compared to more affordable areas. However, the quality and desirability of properties could attract stable rental income.
Capital Growth
Acton Park has shown strong capital growth, thanks to its proximity to the city’s amenities and infrastructure projects. Its appeal as a premium suburb also suggests a continued potential for capital appreciation.
New Norfolk: Hobart’s Affordable Neighbour with Growth Potential
If you’re looking for a great place that can attract young couples and families, New Norfolk might be just what you need. There are plenty of walking and bike tracks, recreational facilities, and sports clubs to keep everyone active and entertained. With improved roads and bus services, the location is also quite convenient and not too far away from Hobart.
Affordability
New Norfolk stands out as the most affordable suburb in Hobart’s vicinity, with a median house price of $480,000, offering great value for property investors.
Rental Yield
The suburb boasts a healthy annual rental yield of 5.1%, according to recent market reports. No wonder it’s an attractive option for those looking to grow their portfolio while maximising their investment through rental income.
Capital Growth
Positioned just outside Hobart, New Norfolk offers potential for capital growth, especially as Hobart’s property market continues to evolve and expand outward.
Moonah: An Up-and-Coming Suburb in Hobart
Moonah is one of the best suburbs in Tasmania to live in due to its reasonable cost of living and spacious, peaceful streets. It is also home to a diverse culinary landscape centred around Main Road, which features highly acclaimed restaurants. As such, it has become particularly popular among young families and first-time homebuyers.
Affordability
Moonah is highlighted for its affordability, especially being just 5 km north of Hobart’s city centre. With properties under $600,000, it remains an attractive investment property option, especially if you’re targeting to sell or rent to young families.
Rental Yield
In Moonah, Tasmania, Australia, the rental yield for houses is 4.73% and for units, it’s 5.48%. The median rent for houses in this area is $520, while for units, it’s $468.
Capital Growth
Moonah’s position as an up-and-coming suburb suggests potential for capital growth, especially as it attracts more tourists and residents with its affordability and lifestyle offerings.
Rosny: Offering Promising Capital Growth with a View
If you’re looking for a great suburb in Tasmania with a picturesque view for your tenants to enjoy, Rosny might be the perfect choice. It also has a friendly neighbourhood with all the necessary amenities nearby.
Affordability
With a higher median house price of $989,050, Rosny caters to investors looking at the market’s premium segment.
Rental Yield
While the rental yield specifics for Rosny aren’t highlighted in market reports, its premium positioning and growth in house prices suggest a competitive yield, especially given its desirable location and views.
Capital Growth
Rosny has seen house prices advance by 12.1% over the past year, indicating strong capital growth potential for investors. Its proximity to Hobart and scenic views make it a sought-after location with the potential for further infrastructure developments.Â
Geilston Bay: A Quiet Achiever in Tasmania
Geilston Bay is one of the most beautiful suburbs in Tasmania. It’s a bustling area that caters to middle and working-class families. The suburb is conveniently located near the city and offers various popular attractions like the Geilston Bay Recreation Area.
Affordability
This Tasmanian suburb has recently seen several new housing developments. The median house price in Geilston Bay is $750,000, offering a mid-range investment opportunity to anyone who wants a slice of the Tasmanian real estate market.
Rental Yield & Capital Growth
The annual rental yield for houses in Geilston Bay is 4.18 to 4.3%, and the annual rental yield for apartments and units is 4.7%. Geilston Bay’s steady growth and desirable location suggest solid yields and capital appreciation potential.
Rokeby: All About Liveability and Connectivity
Rokeby is a suburb on the eastern shore of the Derwent River. Its proximity to schools, sports facilities & other amenities, improving transport infrastructure and position within Hobart’s growing south-east make it a suburb with significant potential.
Affordability
Looking for an investment property priced lower than $700,000? Rokeby presents an affordable option with a median house price of $586,000.
Rental Yield & Capital Growth
On average, the rental yield in Rokeby is 4.98% for houses and 4.81% for units. Moreover, its affordability, liveability and improving transport infrastructure indicate great potential for rental income and capital growth.
Interested in purchasing rental properties in Acton Park, Geilston Bay, Moonah, New Norfolk, Rokeby, Rosny & other suburbs of Hobart? Reach out to our experienced mortgage brokers in Hobart for guidance.
Riverside: A Charming Neighbourhood in Launceston
Located just 4 km from Launceston’s CBD, Riverside is a charming neighbourhood situated on the banks of the Tamar River. With its proximity to the city, residents can reach it in a matter of minutes, while it takes less than an hour to indulge in some of the finest wines in the country. Many homes in the area offer picturesque views of the river, while others provide ample space for pets and livestock.
Affordability
Riverside offers a mix of affordability and lifestyle, being close to Launceston’s CBD. Its position along the Tamar River adds to its desirability for homebuyers and investors alike.
Rental Yield
According to market reports, the median rental yield for units is 4.76% and for houses, it is 3.88%. The median rent for units is around $380 per week, while for houses, it is $465 per week. It takes approximately 122 days to sell a unit, while the average time to sell a house or townhouse is 99 days.
Capital Growth
Riverside benefits from good amenities and infrastructure, including schools, sports facilities, and shopping centres, enhancing its liveability and investment appeal. Add that to the suburb’s desirable location, and you won’t be surprised that properties are selling quickly in this area.
East Launceston: Prime Real Estate in Launceston
A list of the best suburbs in Tasmania to invest in won’t be complete without East Launceston. Besides its proximity to the city, it boasts impressive historic buildings and easy access to schools, hospitals, cafes, and trendy dining spots. Over the years, it has become a prestigious suburb in Launceston.
Affordability
East Launceston is known for its charm and character homes, which may command higher prices due to their desirability and the suburb’s established nature. The median house price is $915,000, which is quite reasonable compared to similar suburbs in Hobart or the mainland.
Rental Yield:
If you’re interested in purchasing an investment property in East Launceston, it may be helpful to know that houses yield rental returns of 3.23.% while units yield rental returns of 4.65%, with an average median rent of $420 per week.
Capital Growth
East Launceston’s established status and desirability suggest strong potential for capital growth, supported by its quality housing stock and appeal to professionals and families.
Get your property investment journey in Launceston off to a good start. Our mortgage brokers in Launceston are ready to point you in the right direction.
Explore Other Promising Suburbs in Tasmania
This list only introduces you to some of the best suburbs in Tasmania to invest in; the state has more to offer. Whether you want to explore Beaconsfield, Carlton, Richmond or any other city or town in Tasmania, Deltos Finance will guide you.
Contact us today to speak with one of our seasoned mortgage brokers.
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