5 Hobart Homes Under $750,000 | Kanebridge News
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5 Hobart Homes Under $750,000

Thinking about a southern migration? Take note of these five properties.

By Terry Christodoulou
Tue, May 4, 2021 1:51pmGrey Clock 4 min

A lot has been written about the ‘mainland’ invasion of Tasmania’s major cities, with many on looking for a quieter, more socially distant slice of Australia in a post-pandemic world. Here, we’ve compiled five of the best listings under $750,000 in Hobart.

 

72 Begonia Street, Lindisfarne, TAS

72 Begonia Street, Lindisfarne, TAS

Located in the ever-popular Hobart suburb of Lindisfarne, with views across the River Derwent arrives this immaculate home replete with modern style and conveniences.

Arriving with polished timber floorboards throughout the living spaces, with floor-to-ceiling windows framing the surrounds, comes an intelligent layout.

With polished timber floorboard through the living spaces and floor-to-ceiling windows framing the surrounds arrives the dining and contemporary kitchen all warmed by a central wood-heater.

Three bedrooms provide cost accommodation with the master suite featuring mirrored built-in wardrobes. The other two bedrooms are north-facing and capture stunning views of the river.

The listing is with Peterswald for property, offers over $645,000; peterswald.com.au

 

272 Park Street, North Hobart TAS

272 Park Street, North Hobart TAS
Photo: Courtesy St Andrews Estate.

 

An irresistible blend of character charm and modern amenity comes this North Hobart home.

The recently refurbished, circa – 1920, home features a new roof, new kitchen, bathroom and laundry fit-outs, new carpets, light fittings, internal doors and landscaping.

The accommodation comprises an entry foyer, three double bedrooms, lounge room, sleek new kitchen, combined designer bathroom-laundry and a separate toilet.

Conveniently located a short distance away from bustling North Hobart shops, Friends’ School, Queens Domain recreational reserve and more, it’s an ideal spot to start a family.

The listing is with St Andrews Estate Agents, taking offers over $725,000; standrews.estate

 

6 Supply Court, Oakdowns, TAS

6 Supply Court, Oakdowns, TAS

The recently built home, 20-minutes outside of Hobart’s CBD brings together open living spaces, plenty of sunlight and connection to outdoor entertaining areas.

With timber finishes throughout, the spacious 4-bedroom, 2-bathroom, 3-car garage home is thoughtfully designed.

The residence sees a kitchen with an abundance of storage and workspace, as well as room for casual dining. Elsewhere the oversized windows stream light through the home while the 4-bedrooms, with three including built-in storage. The master boasts a walk-in robe and ensuite.

Further, the outdoor entertaining areas are built to entertain, with large stacking doors leading to the rear deck.

The listing is with Nest Property Sandy Bay, offers over $595,000; nestproperty.com.au

 

7/69C Olinda Grove Mount Nelson TAS 7007

7/69C Olinda Grove Mount Nelson TAS 7007
Photo: Courtesy of Knight Frank.

Conveniently located a five-minute drive from the Hobart CBD, and nearby to Hobart College, and Mount Nelson’s surrounds arrives this 4-bedroom, 3-bathroom, 2-car townhouse.

Spanning two levels, the heart of the home is located upstairs where an open plan kitchen, dining and living room showcase timber floors, tall pitched ceilings lit by oversized windows for plenty of natural light.

Also here, large glass sliding doors open to creates a seamless connection between the living room and sun-soaked deck.

Three bedrooms and two bathrooms are housed on the upper level, including the master suite with a beautifully updated ensuite and walk-in robe.

Downstairs sees a large rumpus, or teenagers retreat alongside a fourth bedroom and bathroom/laundry.

The listing is with Knight Frank Tasmania, offers over $695,000; knightfrank.com.au

1 Pirie Street, New Town, TAS

1 Pirie Street, New Town, TAS
Photo: Courtesy Petrusma Property.

While yes, technically the listing is for offers over $775,000, we thought this property too good a buy not to include.

The Federation home is situated in a terrific location just outside the city of Hobart and boasts a private and sunny outdoor entertaining area and views of Mt Wellington.

Beyond the externals, the interiors see Tasmanian Oak floors, tall ceilings, ornate fretwork, chandelier lighting and ceiling roses. Elsewhere, the kitchen – fitted with concrete benchtops and qualities appliances including a Franke wall oven, hotplates and a Smeg dishwasher, adjoins a large concrete courtyard.

The home features 3 bedrooms, with the main fitted with a walk-in-robe, sleek ensuite bathroom, dual vanity, and spa bath and a decorative fireplace.

The listing is with Petrusma Property, around $775,000; petrusma.com.au

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Investor buying of homes tumbled 30% in the third quarter, a sign that the rise in borrowing rates and high home prices that pushed traditional buyers to the sidelines are causing these firms to pull back, too.

Companies bought around 66,000 homes in the 40 markets tracked by real-estate brokerage Redfin during the third quarter, compared with 94,000 homes during the same quarter a year ago. The percentage decline in investor purchases was the largest in a quarter since the subprime crisis, save for the second quarter of 2020 when the pandemic shut down most home buying.

The investor pullback represents a turnaround from months ago when their purchases were still rising fast. These firms bought homes in record numbers last year and earlier this year, helping to supercharge the housing market.

Now, investors are reducing their buying activity in line with the decline in overall home sales, which have slumped with mortgage rates rising fast. But with investors’ large cash positions, and with big firms such as JPMorgan Chase & Co. planning to increase its exposure to the home-buying business, investors are poised to resume more aggressive buying when rates or home prices begin to ease.

These firms have seized on a pandemic-driven rise in demand for houses in suburban areas. These owners rented out the homes and increased rents on homes by double-digit percentages. By the first quarter of 2022, investors accounted for one in every five home purchases nationally.

But ballooning borrowing costs have kept investors from buying as much recently, said John Pawlowski, an analyst at Green Street. Buyers and sellers are also agreeing less often on pricing, stifling sales.

“It leads to a lot of people just putting down the pen,” Mr. Pawlowski said.

Rent growth has also begun to slow. Rents for single-family homes rose 10.1% year over year in September, down from 13.9% in April, according to housing data firm CoreLogic.

That rate of growth is still very high by historical standards, however, and much stronger than in the apartment market. Multifamily rent increases are now much lower by most measures. Near record-high rental prices are failing to attract as many new tenants, and demand in the third quarter fell to its lowest level in 13 years.

Demand for rental houses has held up better, in part because many of these homes are leased to relatively high-earning people who have found the for-sale market too expensive to buy, some analysts say.

That rent growth for single-family owners hasn’t translated into stock-market gains this year. Investors have lumped these owners in with home builders and sold many of them. Shares for the three largest publicly traded owners, Invitation Homes, American Homes 4 Rent and Tricon Residential, are each down more than 25% year to date, underperforming the S&P 500 over that period.

Rental landlords also face headwinds from rising property tax assessments that have come alongside enormous increases in home-price appreciation.

At the same time, large rental landlords are coming under greater scrutiny from federal and local governments. Congressional Democrats have hosted a series of hearings focused on eviction practices and rent increases. Three Congress members from California this month introduced a bill called the “Stop Wall Street Landlords Act,” which proposes levying new taxes on single-family landlords. It would prevent government-sponsored enterprises like Freddie Mac from acquiring and securitising their debt.

Many of the places where investors have eased purchasing are the same cities where they had counted for an outsize share of total sales. That includes Las Vegas and Phoenix, where investor sales dropped more than 44% in the third quarter compared with a year ago.

Fewer purchases by online house-flippers, or iBuyers, may have contributed to those declines, according to Redfin. Redfin decided to close its own home-flipping business, RedfinNow, earlier this month.

Nationally, investors still accounted for 17.5% of all home sales in the third quarter, a higher share than they held at any time before the pandemic, by Redfin’s count.

That share seems likely to rise again. Builders with unsold homes due to widespread cancellations by traditional buyers have been looking to sell in bulk to rental landlords.

Meanwhile, some institutional investors are now readying large funds to snap up homes. J.P. Morgan’s asset-management business said this month it had formed a joint venture with rental landlord Haven Realty Capital to purchase and develop $1 billion in houses. A unit of real-estate firm JLL’s LaSalle Investment Management, in partnership with the landlord Amherst Group, said it plans to buy $500 million of homes over the next two years.

Tricon has nearly $3 billion it plans to tap to buy and build homes. “We will lean in and deploy that capital when the time is right,” Tricon’s Chief Executive Gary Berman said on a November earnings call.

While a recession could bring down borrowing rates, it would likely be accompanied by higher unemployment, making it difficult for traditional buyers to take advantage, said Daryl Fairweather, Redfin’s chief economist. For investors, however, that could offer an opportunity to acquire homes at favourable prices.

“An investor may have more resources to jump in at exactly the moment when rates decline,” Ms. Fairweather said.

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