asmania is still drawing attention from investors as demand for housing in the Hobart continues to increase property prices and create a rippling effect to surrounding towns and spread growth across the state.
It’s no wonder Hobart Tasmania has been locked in the sights of many investors racing to take advantage of the latest property hotspot.
As of May this year Hobart Tasmania had already risen 12.7% and hasn’t begun to show signs of slowing. Both the buyer and rental markets are continuing to break records and the growth is now trickling out to surrounding areas.
The increase in property values has come alongside a resurgence in population growth in the island state with 7,500 new jobs being created in the past two years contributing to the influx of new residents.
Recent statistics have also shown the construction workforce to be 32.8% higher than the average decade. Job creation hasn’t been the only contributing fact to the unprecedented growth with a generous home-owners grant over the past few years being sighted as another contributor to the undeniable improvements in the City with knock-on effects benefitting the entire state.
Suburbs in Hobart’s inner 8km ring are showing to have a genuine chance of reporting 20% growth in the 2018 calendar year.
However, the record highs for housing in Hobart are seeing surrounding suburbs of the capital city start to reap the benefits also as the demand for properties push renters seeking more affordable options to the outer surrounds.
Despite all the of the mayhem, experts are warning of caution due to Hobart’s small size and easily swayed market. It is becoming evident that Hobart may be played out and we are very wary that the ship may have sailed out of the State capital.
Hobart Tasmania has already risen 12.7% and hasn’t begun to show signs of slowing.
Having said that we are by no means ruling Tasmania out, as Northwestern Burnie and Northern Launceston are both seeing equally impressive growth. Burnie is one to watch with sales 26% higher than two years ago and construction of a new university commencing early next year.
Keep an eye out over the coming weeks as we take a closer look into the Burnie and Launceston markets and be sure to keep an ear and an eye out as we keep track on Hobart and the over-arching effects on the state.