24 Riverway Road, Montrose TAS 7010
24 Riverway Road, Montrose TAS 7010
Small older house | Entry-level price point | Mixed-street character | Affordability-driven demand | Basic 2/1/1 configuration
This property presents as a compact, straightforward house in a street where character and newer infill sit side by side. Its primary strength is affordability—a genuine entry point into an established suburb with access to Glenorchy’s services and transport. The 2/1/1 layout suits first-home buyers, small households, or investors seeking low-maintenance rental stock. The street’s mix of period homes and modern townhouses gives it a diverse, lived-in feel rather than a uniform estate character, which can broaden appeal across different buyer types. For someone prioritising location and price over space or finish, this house offers a practical foothold.
Value may be shaped by the house’s age and condition, which are not confirmed. A dated interior or older roof, wiring, or plumbing could require immediate spending, while any recent updates would strengthen its position. The presence of flood overlay on nearby comparable stock suggests checking site-specific flood risk before committing. The small footprint limits family appeal but keeps upkeep modest. The 2017 sale price of $291,000 offers a historical reference point, though market movement since then will have shifted expectations. Buyers should weigh renovation potential against the simplicity of moving in as-is.
Detailed Independent Property Report prepared by PropCred Analyst team for 24 Riverway Road, Montrose TAS 7010
Checks found:
Value Risk
2
Liquidity Risk
2
Planning Risk
1
Income Risk
1
Execution Risk
2
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Market Insight
Montrose TAS 7010 is positioned as a family-oriented suburb within Hobart’s commuter belt, with demand driven by buyers purchasing 3–4 bedroom houses—16 three-bedroom sales recorded. House prices sit at a $650,000 median with 8.79% annual growth, while units lag at $465,000 and 4.49%. Stock turns quickly, with houses averaging 22 days on market, and rental demand supports a 4.78% gross yield on $550 weekly house rents. The 29 house sales over the past year indicate steady activity. Proximity to Hobart underpins future interest, supported by regional infrastructure access near Clarence. Key constraints include affordability: the $650,000 median exceeds Tasmania’s $619,000 state figure, and broader Hobart demand remains sensitive to interest-rate changes, which could temper price growth despite current momentum.
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PropCred Estimated Value
Comparable Sales: 44 Riverway Road sold at $1.02M; 2/46 Riverway Road estimated $681K | Property Price Band: $300K–$400K | Value Drivers: condition, land size, renovation scope, location convenience
Bedrooms
2
Bathroom
2
Parking
1
Land
525m²
Research & Review
Prepared by Steve Dalton, Senior Analyst
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Reviewed by Matt Proctor, Principal Analyst
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