George Town Council, TAS
George Town Council is a local government area in Tasmania, Australia. The council was created as a result of the state government’s decision to amalgamate the City of George Town with the Shire of Wilmot and parts of the Shire of Central Coast.
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The council was first established in 1911. The Municipal Corporation of the City of George Town was formed in 1909. In 1971, the boundaries of the council were extended, and the new City of Wilmot was formed. The Shire of Wilmot became part of the city in 1991. The decision to amalgamate the three municipalities was made by the Tasmanian State Government as part of an effort to cut costs and facilitate better planning and execution of public works projects.
Over a million square meters of new housing has been developed in George Town Council TAS over the last six years. One third of this development has taken place in the suburbs. When looking at developments, residents need to be aware that there are two very different market segments, high rise and low rise.
High rise developments tend to be much more expensive than low rise. These developments tend to include offices, tourism or medical facilities as well as residential. The higher price of high-rise developments includes their higher level of services and quality of building materials. The George Town Council TAS property market has seen an increase in the volume of low-rise residential developments.
As a property investor in George Town, it is of the utmost importance that you carefully assess the goals of your tenants and choose an appropriate property for them. Doing so will not only enable you to offer them a comfortable living environment, but it will also help to make your rent. It may sound like a little-known fact, but your properties are your primary selling point and your success as a landlord relies on the property itself.
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Capital Growth Heatmap
Property Market Snapshot
This page provides an overview of the LGA real estate market. The data in this snapshot illustrates typical price, median rent and gross yield metrics for this council area. You are able to drill down to suburb-level data and charts which visualise these 3 key metrics as well as other important indicators in the dashboard section that follows.
Buy
2BR
3BR
4BR
5BR
Typical Price for houses in this council area. Percent changes indicate Year on Year growth or decline in house values. Council area house prices are calculated by averaging Typical Price of all suburbs within the area. Typical Price is a more accurate metric than Median Price.
Rent
2BR
3BR
4BR
5BR
Median Weekly Rent for houses in this council area. Percent changes indicate Year on Year growth or decline in rental prices. Calculated via median value formula applied to rental prices from online listings.
Yield
2BR
3BR
4BR
5BR
Yearly Gross Yield for houses in this council area. Calculated by multiplying the Median Rent by 52 and dividing the resulting value by Typical Price. Percent changes indicate Year on Year growth or decline in Gross Yield for houses.
Buy
1BR
2BR
3BR
Typical Price for units in this council area. Percent changes indicate Year on Year growth or decline in unit values. Council area house prices are calculated by averaging Typical Price of all suburbs within the area. Typical Price is a more accurate metric than Median Price.
Rent
1BR
2BR
3BR
Median Weekly Rent for units in this council area. Percent changes indicate Year on Year growth or decline in rental prices. Calculated via median value formula applied to rental prices from online listings.
Yield
1BR
2BR
3BR
Yearly Gross Yield for units in this council area. Calculated by multiplying the Median Rent by 52 and dividing the resulting value by Typical Price. Percent changes indicate Year on Year growth or decline in Gross Yield for units.
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Stock on Market
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Days on Market
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Real Estate Market in George Town Council, TAS
George Town Council is surrounded by 2 other council areas – Dorset, Launceston City.
There are approximately 4500 people living in roughly 2000 dwellings.
George Town Council is developing 80km of purpose built mountain bike trails over two separate networks – one on the flanks of Mount George near the town centre and the second in the Tippogoree Hills, five-kilometres south of the township. The project will allow cyclists to enjoy a diverse range of terrain from human-made trails all around them.
The main retailers in George Town are presented by Woolworths, IGA, Four Square Stores, The Spudman, Eastside Supermarket.
George Town has good infrastructure, is strategically located and can cater to manufacturing, transport and distribution needs.
Among nearly 4500 people living in George Town males and females make 49% and 51% respectively. The median age is 43 years. Children aged 0 – 14 years and people aged 65 years make up approximately 20% respectively.
Approximately 2000 people living in George Town Council area are employed, of which 40% working part-time and 57% working full-time.
Suburbs/localities in this Local Government Area: George Town 7253, Hillwood 7252, Lefroy 7252, Long Reach 7253, Low Head 7253, Lulworth 7252, Beechford 7252, Bell Bay 7253, Bellingham 7254, Pipers River 7252, Stony Head 7252, Weymouth 7252
It is a very good sign to see that on top of being listed in the first ten of the most appealing suburbs to invest in (as per data provided by HtAG analytics), George Town in Tasmania is also position to benefit from the ‘construction blitz’ that has been proposed by the local government.
As advised by the Premier of Tasmania, Peter Gutwein “the Tasmanian Liberal Government is set to reboot the economy with a record construction blitz over the next two years, underpinning around 15000 jobs” , says Peter.
The new capital influx will focus on developing the following areas:
• Housing: 2295 new dwelling including social and affordable housing;
• Road and Irrigation Infrastructure: $55 million worth of road safety upgrades; $387 million for the Hobart Airport interchange and West Tamar Highway upgrades among many other
• Essential Services: $42.1 million allocated for refurbishments and upgrades of existing essential services;
• Community Infrastructure: total construction value estimated at $167.5 million;
• $200 million of Tasmanian Economic and Social Investment Fund will be directed towards investments ensuring returns for Tasmanian;
• Education and Skills: $10.5 million will be used to improve existing education and skill facilities.
The aforementioned investments will definitely have a positive impact on the investment quality of the region potentially ensuring that investors are provided with steady and long-term returns.
The low entry point and affordability coupled with a substantial forecast make this LGA very appealing to a wide range of investment strategies.
Personally, I would watch this space.