The 5 best affordable suburbs in Regional Tasmania 2024

There are plenty of great locations in Regional Tasmania where you can buy a home for less than $500,000 according to our 2024 Bright Stars: Best Affordable Suburbs Report.

Of course, price isn’t the only consideration when selecting a location to buy property. Lifestyle benefits and prospects for growth should also be on the checklist. In Canstar’s Best Affordable Suburbs Report we used five key metrics – sales volumes, price growth, vacancy rates, infrastructure and proximity to work and amenities – to identify the affordable suburbs that are desirable and likely to grow in value over time. Check out our list below.

The 5 best affordable suburbs in Regional Tasmania

• Launceston
  
• Newstead
  
• Norwood
  
• Riverside
  
• Ulverston
  

Launceston

Tasmania’s second city has been one of Australia’s leading performers in the past five years. And while Tasmania generally is beyond those peaks, there remain precincts which attract good demand, including inner-city Launceston. The inner-city precinct provides lots of amenities: restaurants, parks, waterfront areas and Launceston General Hospital. Sales are evenly split between houses and apartments. Vacancies have fluctuated in recent years but have generally remained below 2%.

Newstead

Located right next to central Launceston, Newstead benefits from all the inner-city amenities but is more affordable – with median prices about $100,000 lower than the suburb of Launceston for both houses and apartments. This may explain why Newstead homes typically sell within three or four weeks and the long-term capital growth rates are among the best in the Tasmanian property market.

Norwood

For greater affordability in the increasingly expensive Launceston market, Norwood (about 5 km south-east of the city centre) is an option to consider. The median house price is $590,000, despite a long-term capital growth average of almost 10% per year. Demand remains strong here and houses generally are selling within four weeks. The suburb is surrounded by major parks and reserves, and there are a number of schools in the area.

Riverside

This waterfront suburb in the West Tamar LGA near Launceston is another Regional Tasmania location which has retained a reasonable level of affordability despite very strong price growth (a long-term capital growth average above 11% per year). Houses continue to sell quickly here. The West Tamar Highway runs through the town, which has good amenities and infrastructure, including schools, sports facilities and shopping centres.

Ulverstone

This bustling seaside town of 12,000, at the mouth of the Leven River in Tasmania’s north (on the Bass Highway 20 km west of Devonport). continues to attract buyers and make quick sales. 120 homes have been sold in the past year. The long-term capital growth rate is above 11% but typical houses still sell in the $400,000s and the vacancy rate is low at 0.4%. Ulverstone has six schools, including two private schools.

The best affordable suburbs in Regional Tasmania
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