The 5 best affordable suburbs in Regional Tasmania 2023
Find out which suburbs in Regional Tasmania made the top five list in Bright Stars: Canstar’s Best Affordable Suburbs Report powered by Hotspotting.
There are plenty of great locations in Regional Tasmania where you can buy a home for less than $412,844. This was the cut-off price we used for our ‘Bright Star’ suburbs in the region. (For more on why we chose this see our full 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
- George Town
- Mayfield
- Ravenswood
- Shorewell Park
- Upper Burnie
George Town
Australia’s third oldest European settlement, George Town, has a busy property market. The median price rose 19.5% in the past year with houses selling in two weeks. The vacancy rate is 1.2% and rents are up 15% annually. Infrastructure includes a regional hospital, supermarkets and schools. Many work in the nearby power station, smelter and export port.
Mayfield
Affordable buys in Tasmania’s second city of Launceston have become harder to find after extraordinary price rises in recent years. The long-term growth rate for Mayfield – almost 20% per year over the past decade – says it all. Yet Mayfield still has a relatively low median price of $375,000. This location has University of Tasmania, Australian Maritime College and TasTAFE campuses, plus Mowbray Golf Club. The vacancy rate is 0.5%.
Ravenswood
Like most locations in regional Tasmania, the Launceston suburb of Ravenswood has recorded exceptional price growth in recent history – averaging 17.1% per year over the past 10 years. But its median house price remains within reach of many at $350,000. Houses typically sell within three weeks and prices continue to grow. Amenities include a shopping centre, primary school, Northern Support School and Ravenswood Bushland Park. The vacancy rate is 1.0%.
Shorewell
Park House prices continue to rise (36.1% in the past year) in this suburb of bustling Burnie, with houses selling typically in about two weeks. The long-term capital growth average is 11.5% per year. Vacancies have been below 1% for the past three years and rental growth has averaged over 10% per year. Local infrastructure includes Hilltop Plaza Shopping Centre and Burnie Community House.
Upper Burnie
The port town of Burnie in northern Tasmania has strategic importance and property demand has been high in recent years. Like many regional Tasmania locations, it has recorded exceptional price growth in recent years, but from a low base, so it remains relatively affordable. Upper Burnie’s median has risen 17.2% in the past year. Consistently low vacancies mean rental growth has averaged 11% per year in the past three years.
The best affordable suburbs in Regional Tasmania
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Suburb | Median price | 10% Deposit | |||
---|---|---|---|---|---|
Initial outlay* | Monthly repayment+ | Repayments as a percentage of dual income^ |
|||
With FHB concession | No FHB concession | ||||
George Town | $360,000 | $48,786 | $55,647 | $1,880 | 19.20% |
Mayfield | $375,000 | $50,846 | $58,036 | $1,959 | 20.00% |
Ravenswood | $350,000 | $47,412 | $54,054 | $1,828 | 18.60% |
Shorewell Park | $365,000 | $49,472 | $56,443 | $1,907 | 19.40% |
Upper Burnie | $390,000 | $52,924 | $60,464 | $2,037 | 20.80% |
Sources: Median price: CoreLogic as at February 2023. Initial outlay and repayment data: canstar.com.au prepared on 26 June 2023. (U) stands for units. *Initial outlay figures include the deposit, stamp duty, mortgage registration and transfer fees; and lenders’ mortgage insurance (LMI) premium. Stamp duty calculated based on an owner occupier purchase of an established dwelling. LMI premium based on Helia LMI Premium Calculator for an owner occupier borrower and a loan term of 30 years. +Monthly repayments calculated based on the average variable interest rates of 5.7% and a loan term of 30 years. Interest rates based on the average owner occupier, principal and interest variable rate for a loan of $500,000 over the past year, rounded to the nearest 0.1%. ^Percentage of income based on the average total income by Greater Capital City Statistical Area (ABS Personal Income, 2019-20), adjusted by the ABS Wage Price Index (Dec-2022) for each state. A dual income assumes two people with the average income. For estimates on initial outlay, monthly repayments and repayments as a percentage of income based on a 20% deposit see full report.
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