Tasmania property: Kingfish Beach home hits the market for $425,000 – but there’s a catch
Tasmania real estate: Kingfish Beach house hits the market for $425,000, but there’s a catch
It seems like the perfect house for those who like a relaxed beach life.
And this recently renovated two-bedroom home on Tasmania’s Kingfish Beach is a bargain: the property is listed for just $425,000.
But unfortunately there is a catch.
This recently renovated two bedroom home on Kingfish Beach in Tasmania is a steal – the property is listed for just $425,000.
The house on the southernmost tip of the island state is on Crown Land, which means it has a 30-year lease
The house at the southern tip of the island state – about 90 minutes from Hobart – is on Crown Land, which means it has a 30-year lease.
The Crown Lease expires in 19 years, meaning that although the owners pay no taxes, their home can be reclaimed from the property owner.
EIS Property property manager Nyal Merdivenci told 7News it was likely the Crown would renew the lease, but there is no guarantee it will.
He explained that the Crown wanted all landowners on the road where the property is located to install waste water management systems.
Because this was expensive, the Crown extended the leases for 30 years.
Mr. Merdivenci thinks they will be extended again in 2042.
“The Crown really has no interest in taking possession of it…because they are essentially a homeowner who generates income from all the tenants,” he said.
The house itself has “the most majestic waterfront setting imaginable,” according to the listing
It is perfect for outdoor enthusiasts, with the beach being popular for kayaking, diving and fishing
However, if there is no certainty about the future of the house, it is likely that it will lose its value.
“If you were to sell it ten years later, there’s only about nine years left, so you’re like, ‘What can I justify for a nine-year time frame?’ Because there’s no guarantee you’ll have it longer,” Mr Merdivenci said.
The house itself has “the most majestic waterfront setting imaginable,” according to the listing.
It is perfect for outdoor enthusiasts, with the beach being popular for kayaking, diving and fishing.
You walk out the front door onto the beach and the house has an outdoor shower to wash off the sand.
Mr Merdivenci said the house is an ‘escape’ from the hustle and bustle of city life.
“It’s just luck down there. Pristine white sand. You get the whole morning sun first on the beach.
“When you sit in that lounge chair and all you see is the water and the beach, it’s pretty impressive.”