TOP 10 SUPERSTAR SUBURBS
The latest Wells Money report has put a spotlight on two unsuspecting Tasmanian suburbs, as Geilston Bay and Eaglehawk Neck have been named among the nation’s best 20 options in 2023. Wells Money chief executive Scott Spencer explains, “[they] have low inventory levels, which will put upward pressure on price growth, and low vacancy rates, which will put upward pressure on rental growth.” Property owners in Geilston Bay and Eaglehawk Neck have growing interest rates to thank, says Spencer. Stating that, “interest rates have been rising and will probably increase even further in the first half of 2023, so investors need to budget for higher repayments.” While these two suburbs top the list in terms of potential, Spencer has highlighted the very present risk still associated with jumping into our local real estate market.
“It’s risky to enter the market if you don’t believe you’d have the capacity to cope with higher interest rates,” he said.
1. Geilston Bay (house)
Median asking price December 2022 — $695,000
Net price gain over past 10 years — 124%
2. Eaglehawk Neck (house)
Median asking price December 2022 — $698,000
Net price gain over past 10 years — 145%
3. New Town (house)
Median asking price December 2022 — $945,000
Net price gain over past 10 years — 126%
4. Blackmans Bay (house)
Median asking price December 2022 — $875,000
Net price gain over past 10 years — 126%
5. Geilston Bay (unit)
Median asking price December 2022 — $645,000
Net price gain over past 10 years — 107%
6. Park Grove (house) Median asking price December 2022 — $545,000
Net price gain over past 10 years — 109%
7. Trevallyn (house)
Median asking price December 2022 — $693,000
Net price gain over past 10 years — 118%
8. Newstead (house)
Median asking price December 2022 — $695,000
Net price gain over past 10 years — 118
9. Sandy Bay (unit)
Median asking price December 2022 — $675,000
Net price gain over past 10 years — 88
10. Battery Point (house)
Median asking price December 2022 — $1,495,000
Net price gain over past 10 years — 126%
Source: Wells Money