The 4 best suburbs in Regional Tas for first home buyers 2022

Find out which suburbs in Regional Tasmania made the top 4 list in Canstar’s Bright Starters Australian First Home Buyer Report powered by Hotspotting.

There are plenty of great locations in Regional Tasmania where you can buy a home for less than $357,500. This was the cut-off price we used to come up with our ‘Bright Starter’ suburbs in this region. (For more on why we chose this see our full report.)

Of course, price isn’t the only consideration for first home buyers. A good lifestyle and prospects for growth should also be on the checklist. In Canstar’s inaugural Bright Starters Australian First Home Buyer Report we used five key metrics – sales volumes, price growth, vacancy rates, infrastructure and proximity to work and amenities – to identify suburbs that are desirable and likely to grow in value over time. Check out our list below.

The 4 best suburbs in Regional Tasmania for first home buyers

• George Town 
• Somerset 
• Upper Burnie 
• Waverley 

George Town

George Town is in north-east Tasmania, on the eastern bank of the Tamar River. It has a regional Hospital, supermarkets, schools and other infrastructure. Houses are cheap and there are plenty of jobs in the area. The Basslink cable connecting Tasmania to the National Electricity Market terminates in George Town. Tamar Valley Power Station is nearby, as is Bell Bay which has a Rio Tinto aluminium smelter and port.

Somerset

This is a seaside town in the Waratah-Wynyard Council area but close to the important port city of Burnie. It’s on the Cam River between Wynyard and Burnie. There are some notable businesses providing employment but residents also benefit from close proximity to the growing Burnie economy. With a median house price in the low $300,000s, Somerset offers affordability, a coastal lifestyle and good jobs prospects.

Upper Burnie

Burnie’s prosperity is growing as federal and state governments focus on the Port of Burnie – Tasmania’s largest sea port. With exports growing, major upgrades are planned for the Port plus its road and rail links. Other jobs-generating projects are also in the pipeline. Sales activity has been rising and double-digit price growth is common, yet it remains cheaper to buy than rent in some suburbs including Upper Burnie.

Waverley

After four to five years of big price growth, it’s surprising that Launceston still has suburbs with median prices below $300,000. Waverley is one such location – a rural residential area on the fringe of the city but only five kilometres from central Launceston. Local businesses include Waverley Woollen Mills, which has been operating for almost 150 years. The Tasman Highway runs through Waverley.

Worthy locations under our price ceiling are scarce in Tasmania following recent major price growth which is why there are only four on our Bright Starters list. However, the Launceston suburb of Mowbray deserves a special mention. With a median price of $370,000, it’s above our price parameters but it’s one worth a look. Riverfront Mowbray has major shopping, schools, golf club, racecourse and many businesses providing services and employment. It abuts some large green spaces.

The best suburbs in Regional Tasmania for first home buyers

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Sources: Median price, growth and median rent: CoreLogic as at 1 February 2022. Initial outlay, time to save and repayment data: canstar.com.au as at March 2022. *Initial outlay includes the deposit, stamp duty, transfer fee and mortgage registration fee.  ^Time to save calculations are based on the time required to save up the initial outlay costs with the average income (ABS Personal Income by greater capital city statistical area, adjusted by ABS Wage Price Index, June 2021). Calculations assume that 20% of after-tax income is saved each month, earning a savings rate of 0.62% (average bonus savings rate over the past 12 months to 1/03/22). 2021/22 tax rates plus the 2% Medicare Levy are applied to the annual income and savings interest, and inflation of 2.5%pa is applied to income and property price. Dual income calculations assume there are two savers with the average income. Actual time to save will vary depending on your individual circumstances as well as the rate of property growth.  +Repayment calculations assume principal and interest repayments over a 30-year loan term with an interest rate of 3.36% (average owner-occupier variable rate over the 12 months to 1 March 2022). LMI for an owner-occupier first home buyer (per Genworth LMI Premium Calculator) is included in the loan amount for the 10% deposit monthly repayment calculations. For initial outlay, time to save and repayment data based on a 20% deposit download the full Bright Starters report.

Cover image source: Aviral Singh/Shutterstock.com

About Terry Ryder

Terry is the founder and Managing Director of hotspotting.com.au, which he created in 2006 to help investors find the best places to buy. Terry has been a specialist researcher and writer on Australian residential property in a career spanning four decades. During that time he has published four books.

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