Key Insights into House and Land Packages Hobart
While the trend towards buying an apartment to live in or as a form of investment is on the rise, the appeal of getting one in an area of natural beauty that offers a contemporary lifestyle is a dream for many. Well, this dream can be fulfilled if you make the choice of getting a house and land package in Hobart.
From boutique hotels and fine dining restaurants to the Salamanca Markets, Tasmanian Museum and Art Gallery, and Cascade Brewery, Hobart’s surrounding suburbs make the city a great place to buy a house and land package.
In this article, we’ll provide key insights into the house and land packages in Hobart that should be able to assist you in getting a new house in the city.
Factors driving demand for house and land packages in Hobart.
There are various factors that play huge roles in the demand for a new home by homebuyers in Hobart. Some of these factors include:
Economic and growth: In recent years, Hobart has experienced economic growth, most notably in sectors like education, agriculture and tourism. This has led to an increase in the demand for houses in the city as people now move there to take job opportunities and live a stress free life.
Affordability: unlike Queensland which is considered moderately unaffordable or Brisbane which has already reached a low point for affordability, Hobart is pretty much affordable. Infact, according to the most recent Rental Affordability Index (RIA) in Australia, Hobart CBD is the least affordable city in the country. This affordability makes the demand for a new house or building in the city high.
Environmental considerations: Greater hobart is known to have a natural environment, with over 60% of the city being a native vegetation. It is also known for the protection it gives its native plants, animals and high conservative bushland areas, as well as its installation of public drinking water facilities through its water refill program. All of these contribute to the high demand of a new home in the city.
Choosing the Perfect Location
Although Hobart is a natural beauty that offers a contemporary lifestyle for homeowners, choosing the wrong location in the city might not be the best way to start off. Here are some tips that can help you in choosing the perfect location for your dream house in Hobart:
Centrality: a location that is central to the city is likely to be highly developed and have less room for additional growth unlike outlying areas that may have fallen into disrepair and are filled with properties that easily decline in value.
Neighborhood: while most people choose a neighborhood based on personal choice or style, it is advisable to choose based on accessibility and amenities. Look out for a neighborhood with major transit routes for easy commuting to and from work, and amenities like restaurants, shops and grocery stores.
Development: you should also consider the potential for development in the location you are choosing. A location with potential for development of public transportation, healthcare centers, schools, etc, is likely to improve the value of properties within it. You don’t want to move into an area where the value of properties decline easily.
There are a lot of houses in Hobart. However, the only challenge you might face when looking for a new house or land package is the challenge of getting one that is within your budget. Here are tips that can help you in finding a new home in Hobart that is within your financial capability:
Buy a fixer-upper: a fixer-upper is a sound home that is in need of cosmetic improvements. Usually, fixer-uppers are sold below their original market value. So for someone looking for a new house in Hobart, you can decide to purchase a fixer-upper and spend a little extra money on renovations. What should matter is you getting your dream home without having to spend much.
Consider stale listings: stake listings are homes that have spent a long time in the market and whose owners are desperate to them quickly. Some of these homeowners can go as far as reducing their asking price just to make a sale So you can consider stale listings if you are looking to buy a dream home that is within your financial capability.
Consider a smaller home: most homebuyers would pay to get a larger home instead of a smaller one. What they don’t know is that larger homes cost more but unfortunately do not guarantee a rise in value than the smaller homes on the same block as them. A budget-friendly option for homebuyers is small home which comes with the same environmental benefits as a large home but at a lesser price
Customization and Design Features
After you must have gotten a house and land package, you might want to choose a design for your new place of abode. If so, here are some customization and design features you can add to your plan:
- Custom built-in shelves
- Outdoor kitchen
- Large master suite
- Open dining area
- Taller ceilings
- Outdoor living space
Investment Potential in Hobart
According to a data released by CoreLogic, Hobart witnessed a drop of -7.9% in its annual growth in 2022, a stark difference from the +32.8% growth it witnessed the previous year (2021). Buts despite this decline, the investment potential in the city still looks convincing given the wide rental situation in southern Tasmania.
After rising in the national economic rankings for years, Tasmania finally reached top spot in 2021. Coincidentally, home properties in Hobart rose as Tasmania ascended. However, in July 2022, Tasmania dropped down to third position in the rankings and this simultaneously affected home properties in Hobart, with the market witnessing consistent price levels and demands but a reducing sales activity. This has made it difficult to find suburbs in Hobart that have home properties with a degree of affordability and rising momentum.
However, despite this decline, the city of Hobart still possess investment potentials when it comes to house and land packages, with some of its suburbs like Risdon Vale, Moonah, Lindisfarne, Howrah and Glenorchy still having low vacancy rates and excellent long-term capital growth rate.
Navigating Legal and Regulatory Aspects
One issue most homebuyers are usually faced with is the issue of law and regulations pertaining to the purchase of home properties. You can avoid this problem by keeping up with local, state and national legislation in the location you are purchasing a property from.
A good knowledge of these laws will help you evade legal complexities or issues, and allow you live in your dream house in peace.
The whole process of getting a new home or land package in Hobart is not as hard as it seems, even for someone operating within a budget. From buying a fixer-upper to buying a stale listing or even opting for a smaller home, you can easily get a house and land package in Hobart.
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