Sandy Bay unit market prime for the picking: PRDnationwide
PRDnationwide’s Hobart Property Hotspots Second Half of 2016 nominated three affordable unit hotspots for 2017.
They included Sandy Bay, Kingston and Howrah.
Sandy Bay
OVERVIEW
Approx. distance from CBD: 2km
Median unit price: $400,000
• 1 Bed Median Price $265,000
• 2 Bed Median Price $370,000
• 3+ Bed Median Price $575,000
Close to Hobart’s CBD, Sandy Bay is often associated with an expensive price tag, however its unit market is an attractive property option.
Although at the higher end of the unit hotspots it has continually displaying sought-after potential during 2016.
Median prices climbed 6.1% from 2015, double the growth of the previous year.
The area is set to have $5.1 million worth of new projects under construction by the end of 2016, adding further foundations for future growth in the area.
A two bedroom unit at 1/16 Chessington Court, Sandy Bay (above) was sold for $407,500.
Kingston
OVERVIEW
Approx. distance from CBD: 12km
Median unit price: $310,000
• 1 Bed Median Price $146,000
• 2 Bed Median Price $281,500
• 3+ Bed Median Price $357,500
Kingston features as both a unit and house hotspot this half year.
The area has shown positive movement over previous years creating confidence in its property market.
This confidence is underpinned by the commitment to improving the area by additional developments valued at $9.3 million.
The project focus is on additional residential stock to the market at a total of $5.5 million.
The further $3.8 million of project developments is shared between a infrastructure and commercial projects.
A three bedroom unit at 1/65 Hutchins Street, Kingston (below) has been listed for sale for $315,000.
Howrah
OVERVIEW
Approx. distance from CBD: 7km
Median unit price: $300,000
• 1 Bed Median Price $175,000
• 2 Bed Median Price $290,000
• 3+ Bed Median Price $365,000
Located on the eastern shore of Hobart is the beachside suburb of Howrah.
Enjoying views of the Derwent River and the Hobart CBD this suburb has a lot on offer for its broad range of demographics.
From the many parks with walking tracks to recreation areas and more, Howrah boasts a sought-after living and lifestyle environment.
Recent upturns in sale prices, along with attractive investment returns, extremely low vacancy rate of 0.2%, and solid rental yield of 4.8%, reflect the strong potential of the area.
A two bedroom unit at 2/13 Hance Road, Howrah (below) has been sold for $305,000.
