Peter is the National Coordinator of the Property and Share Investment courses at TafeSA, Victoria University, The Property School and Gold Coast TAFE. He also teaches in the Property degree program at the University of South Australia. He holds a teaching degree, Graduate Diploma in Property and Masters of Business (Property). He has been teaching in real estate and investment for approximately ten years and he also invests in property.
Located just north of Hobart, is this tiny town set to boom in the next property market upturn?
How many times have you said to yourself "If only……""If only I knew then …..""If only I bought then….."Imagine if you had bought property in the Sydney suburb of Glebe 30 odd years ago.Beautiful Glebe with its incredible character homes, stunning views, market, cafes and close proximity to the city centre.All these features have made it a highly desirable area with property prices increasing significantly as a result.
What if I told you there was another, affordable, opportunity to invest in Glebe, before the area experiences another growth phase?Well, there is.
Glebe, inner Hobart, Tasmania!This is one suburb I feel is currently undervalued and, as Australian real estate moves into the next 'boom' period, should have a lot of catching up to do.
Glebe, immediately north of Hobart's CBD, is a very small, compact suburb. Nestled on the side of a hill and boarded by Brooker Avenue to the west, Aberdeen Street to the east, it is virtually surrounded by the expansive Queens Domain.Facilities here include tennis, soccer, athletics, walking trails and an aquatics centre.Much of the land remains untouched natural landscape.
Glebe accommodates a small population as you would expect from a suburb that has less than a dozen streets. In relation to the rest of Australia, it is a suburb that houses a young population. This is evidenced by differences in median age (36 years to 37 years) and the proportion of people aged 55 and above (17% to 24%) The percentage of the population of 15 to 24year olds is above the national average (18.9% compared to 13.6%) as is the percentage of 25 to 54 year olds (50.3% compared to 42.2%)[1].So it's a young community with a generally higher than nationalaverage weekly income ($1,210 compared to $1,027).The median weekly rent for Glebe is $205, above the national median of $190 per week[2]. Due to the higher income of the people that live here, they are able to pay a higher rent and are willing to pay a relatively high purchase high to live in a suburb so close to the city.
The most common household unit in Glebe is families without children (44% of households compared to the national average of 
37%) whereas the most common household unit in Australia is families with children (45% of all households compared to the Glebe average of 39%).
In Glebe, 23% of dwellings are fully owned, 29% are being purchased and 40% are rented. This compares to the Australian average of 33% fully owned, 32% being purchased and 27% rented[3]. As can be seen from these figures, there are currently a relatively high number of renters in Glebe.
Glebe has some of the most beautiful early Australian residential architecture you will find in any Australian city. Predominately Georgian style, many of the character homes have been lovingly and authentically restored.Although the blocks are relatively small and generally not suitable for subdivision the potential to add value through careful renovation is significant.Several streets offer some water views over the Derwent River but many more properties have expansive views over Hobart itself and over to Mount Wellington.
Other factors likely to make Glebe an ideal investment opportunity, apart from the relatively cheap buy-in costs, are the fact that it is only five minutes walk from the city centre and a ten minute walk to the lovely waterfront precinct known as Constitution Dock. The area is serviced by public transport as buses run up and down Brooker Avenue. The suburb doesn't have major facilities itself but there is good shopping next door in New Town and a primary school in neighbouring North Hobart[4].
The ideal investment would be a property with a view. Avoid the less accessible properties on steeper, narrow streets, and look at property that has yet to be renovated. Be careful; due to the older properties in the area, many are heritage listed. Check with the Hobart City Council and other relevant authorities if you are intending to renovate.
Glebe, Tasmania, is ideally located to experience good capital growth.
Only minutes to the CBD and beautiful waterfront areas of Hobart and backing onto the facilities and open areas of Queens Domain, this area will continue to be a very desirable address.The rest, as they say, will be history.
4 www.rpdata.com.au
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