ELISE PICKS FINE TIME TO TAKE THE PLUNGE
WHEN Elise Roberts inspected an investment property in Brighton in March, the relatively quiet open home came as a surprise.
It is not that long ago that a home as affordable and well positioned as this one would have had people lined up around the block.
“I was a bit shocked,” Elise said. “Having been to investment property open homes in the past — smaller houses, units — they can be pretty full-on with up to a dozen groups of people.
“The one I bought, there were only a few interested parties.”
The 24-year-old said other properties she had looked at had sold for “ridiculously” far above the asking price, which made her Brighton purchase tricky.
“What sort of offer do you put in if the level of interest isn’t as high as it was a few months ago?” she said.
Elise built a house when she was 21, then for about a year had been wanting to get into the investment market.
Until the right property came along, she described her property hunt as “looking, but not really looking”.
Elise said given the timing of putting in an offer in March, the coronavirus had had some impact on the process.
“I think the price was the main thing affected by the virus,” she said.
“There have also been delays with titles, which has meant the settlement date has been changed a number of times — that has been a challenge.
“I remember, at the open home, I went to shake the agent’s hand and he backed away. That was an eye-opener at the time and revealed how quickly things were changing.
“The process has been quite stressful, but I’m hopeful that the risk
Elise Roberts and her new investment property at Brighton. will pay off over time.”
Elise’s property has been approved, after an inspection, for the Department of Communities’ Private Rental Incentives Scheme, a program that encourages property owners to make their homes available for affordable rent to low-income households.
If all goes well, she can see herself buying another investment home in the next 12 months.
“Growing up on the Eastern Shore, Brighton was a little out of my comfort zone, but I did a lot of research on the area before buying,” Elise said.
“Its market trends are good. Prices are going up, the area is growing and there is lot of new development coming, including plans to build a high school. And the unit’s location is good, near the local hotel, restaurants, the supermarket.”
She said if people could afford to buy a residential property now, it might be a good time because, in her experience, there isn’t as much
competition as there was six months ago.
“If finance is available and you have a secure income, it might be a good time to enter the market,” Elise said.
“Properties are still selling, especially under the $400,000 and $500,000 marks.”
Wendy Nielsen, agent and business owner of Elders Real Estate Kingborough, said her team had sold a couple properties this week with multiple offers.
“Inquiries are still coming in, which clearly demonstrates there are plenty of Tasmanian purchasers looking to buy right now,” she said.
“With open homes and auctions resuming in Tasmania from May 18 — a maximum of 10 attendees — this is a great sign that things will start to gain traction again.”
Wendy said new property listings had dropped off since early April.
“The majority of vendors I have spoken to say they are uncertain where the market is heading,” she said. “Some are considering holding off selling until spring, summer.”