Question 1

Is Invermay a nice place to live?

Accepted Answer

Invermay sits on the eastern bank of the Tamar River in Launceston's inner north. Its riverfront mixes residential, light industrial and commercial areas, and the Inveresk cultural precinct, the Queen Victoria Museum and Art Gallery and York Park stadium bring regular events and weekend visitors. Housing ranges from weatherboard cottages to newer riverside apartments, and parks and river paths provide places for walking and cycling. The suburb suits people wanting city-fringe convenience and easy access to cultural and sporting life.

The community has a median age of 33. Homes are predominantly rented, with 52.3% rented versus 47.8% owner-occupied. Recent public works around Inveresk, plus planning for a second Tamar River crossing, point to ongoing investment in the area. Whether Invermay suits you depends on whether its riverside setting, regular cultural and sporting events and a largely renting community match what you want.

Question 2

Is it expensive to live in Invermay?

Accepted Answer

At Invermay, the median house price of $543,500 works out to about 9.3 times a typical local household's annual income as recorded at the last Census, putting buying well above local incomes. Rents are also a substantial share of income: $510 a week for a house is about 45.2% of a typical household's weekly income, and $380 a week for a unit is about 33.7% (roughly a third). On these figures, buying is the more stretched option against local incomes, while renting still takes a sizeable to large share of a typical household's income.

Everyone's financial situation is different, so it's important to consider your own circumstances when deciding which suburb is right for you.

Question 3

Is Invermay a good place to invest?

Accepted Answer

Invermay has seen strong movement over the past 12 months. Median house values climbed 12.8% while house rents rose 13.3%. Unit rents grew 15.2%, the largest rise shown.

If you are weighing Invermay up as an investment, the house value change is the capital growth measure over the year and the rent figures show rental income has also increased, with unit rents up a little more than house rents. What that balance means for you depends on whether you prioritise capital growth or rental income.

This information has been prepared without taking your objectives, needs and overall financial situation into account. It is not meant to be a substitute for professional financial advice. For this reason, you should consider the appropriateness of the information and, if necessary, seek appropriate professional advice.

	Houses	Units
Median price Past 3 months	$544K	N/A
Change in value Past 12 months	12.8%	N/A
Sold Past 3 months	20	1
Median days on market Past 12 months	31	N/A
Average rent Past 12 months	$510	$380
Change in rent Past 12 months	13.3%	15.2%

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