When it comes to property, location is an important deciding factor that not only determines how easily you’ll find a tenant, but what you can charge in rent. The good news for property owners who hope to rent out property in Hobart is that it’s a sellers’ market. That is to say, you get to call the shots because it’s so easy to find tenants – but only up to a point.
If you’re hoping to take advantage of the high demand for properties to rent in Hobart as an opportunity to buy a property that more-or-less pays for itself, location will be high on your list of criteria. What should you look for?
Anything Near the Sea
Sea views, beach access, and enjoyment of the coastal lifestyle are big drawcards. We recently discussed the higher maintenance costs of seafront property, so bear this in mind when you choose an investment property. Your profits may not be all that they appear to be on the surface. Nonetheless, there’s no denying that finding tenants who are willing to accept relatively high rents is easier when you’re close to the sea.
Schools and Shops
While couples without kids or singles may not be put off by a home that’s relatively far from schools and shops, most families prefer convenient access to these amenities. Once again, it’s not only easier to find tenants, but also a location that allows you to command a higher rent. That’s particularly good news if you’re hoping to finance a mortgage through renting out a newly-purchased investment property. There are some excellent schools in Hobart, but your tenants won’t be able to send their children to them if they’re not zoned for them, so if you’re hoping to attract families with school-aged children, keep this in mind when choosing an investment property.
Top Areas in Hobart for Investment Property
Hobart as a whole is a great place to buy investment property, but if you want to rent out property in Hobart for top dollar, there are definitely some stand-out areas to look at. Battery Point and Sandy Bay are top spots – but property prices reflect that. North Hobart was tagged as a top area for investors back in 2013 and remains that way, but West Hobart is as good. Bellerive and Taroona are also proving hugely popular with investors and tenants. Nevertheless, it’s worth looking at some of the cheaper areas. Every suburb has its quiet streets and little suburban havens.
It’s true that tenants are scrambling for any properties to rent out in Hobart, no matter where they are located, but location still works in your favour when you’re looking to maximize your return on investment.
A Hobart Property Manager’s Perspective
Hobart property is a good investment. People on the mainland are queuing up to enjoy the Tassie lifestyle, but with employment scarce elsewhere in Tasmania, Hobart is the hub they’re gravitating towards.
Even so, there are definitely areas where you can command higher rentals, and that comes thanks to the location factors we’ve just discussed. If you’re considering buying a particular property in Hobart and would like to know what your rental prospects are, Baxton Property Management has the answers you’re looking for. Looking to rent out property in Hobart? Talk to us first.
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