1A Wragg Street, Somerset TAS 7322
1A Wragg Street, Somerset TAS 7322
4-bed 1974 house | 1,752m² lot at 16% coverage | Somerset Primary catchment | FTTP & 5G coverage
This property’s primary strength is its substantial, under-utilised land parcel in a established residential catchment. The 1,752 square metre lot with only 16% building coverage presents a clear opportunity for expansion or subdivision, subject to council zoning. It serves a buyer seeking land banking with immediate rental utility, evidenced by the reliable $525 weekly income from the existing four-bedroom house. The location within the Somerset Primary zone adds durable demand from families.
Conflicting data on building size and parking denotes poor records, a due diligence cost requiring survey confirmation. The 12.6% annual appreciation is notable but reflects a hot market; future gains require capitalising on the land ratio. Proceed only with a boundary survey and pre-application planning advice. This is a land play with a holding income, not a premium house.
Detailed Independent Property Report prepared by PropCred Analyst team for 1A Wragg Street, Somerset TAS 7322
Checks found:
Value Risk
2
Liquidity Risk
Planning Risk
1
Income Risk
2
Execution Risk
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Market Insight
Somerset presents as an affordable coastal entry point within the broader Tasmanian market, attracting established, predominantly owner-occupier demographics. Demand is anchored by lifestyle appeal and relative value, with recent price growth reflecting strong market momentum. Future performance will be linked to broader regional drivers, though the established, aging population profile suggests a stable but potentially less dynamic buyer pool, with some inherent sensitivity to economic conditions.
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PropCred Estimated Value
Bedrooms
4
Bathroom
2
Parking
6
Land
1188m²
Research & Review
Prepared by Steve Dalton, Senior Analyst
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Reviewed by Matt Proctor, Principal Analyst
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