With NSW in intermittent lockdowns, and its property prices surging, many are looking for a change. Tasmania has been in the spotlight recently, with property primed to rise, and economic growth growing like it hasn’t before. Our experts have weighed in on its growth areas in the article below to showcase why a move from NSW to Tasmanian property may be right for you.
Tasmania’s Property Growth
Tasmania is recording its strongest property growth in 20 years, with home sales being up 14.4% from last year, with a 32% jump in value. In the state’s capital Hobart, median house prices have grown by 8.2% to $623,000, compared to NSW’s capital Sydney’s $1.23 million. Launceston, the state’s second-biggest city, has grown by 11.4% to $420,000. On the northwest coast, houses are at a median price of $379,000. Owning an investment property in Tasmania is also a great financial move, with the state having low vacancy rates. This gives landlords the opportunity to earn more rental income.
Economic Growth Project: Launceston City Deal
The Tasmanian State government signed a City Deal with Launceston in 2017, with the aim of making it an innovative, liveable and global city. To achieve these aims, projects such as the Inveresk precinct, revitalisation of the city’s heart, and the My Place, My Future Project have been greenlit, and are in progress. These projects all develop the infrastructure and community around Launceston, creating more opportunities to live and invest in its property market. Projects such as these have bolstered its 11.4% property price growth rate, with it projected to rise as the market becomes more competitive.
This once old and dilapidated precinct is being redeveloped into a University of Tasmania campus for 16,000 students and staff by 2032, increasing investment into local property. This campus is designed for health, science and research, attracting knowledge and innovation to the area, creating more jobs off the back of this.
Revitalising the Heart of Launceston
Significant CBD development has taken place in the heart of Launceston, including the redevelopment of the Quadrant Mall, Civic Square and the Brisbane Street Mall. Alongside this, it is planned that the CBD of the city will be made more bicycle-friendly and accessible.
My Place, My Future Project
This project involves increasing education and employment, healthy lifestyle choices, and a strong sense of safety and belonging in the community. It aims to better the community aspect of Launceston and its Northern Suburbs and make it more attractive to external property investors.
Economic Growth Project: Hobart City Deal
Following the city deal with Launceston, the Tasmanian government signed a city deal with the Hobart council in order to make it a vibrant, global and liveable capital. This is being achieved through the revitalisation of the Hobart Airport, improving transportation, and making housing more affordable with urban renewal. Projects such as these have led to this 14.4% growth in property sales and 32% increase in property values.
Hobart Airport and Access
The Tasmanian Government’s access strategy aims to increase air and sea capacity and frequency, improve seasonal demand, maximise low fare availability and increase international visitation. This will not only create more airport and construction jobs for income to be invested into local property, but it will also boost Tasmania’s tourism industries, both in and out of Hobart, boosting property investment as well.
Improvements to access in the city via Nothern, Southern and Western roads will make living further away from the CBD more feasible, increasing property prices in these areas. A plan to build a bus transit centre in the Hobart CBD makes living and working in Hobart easier, increasing investment within the CBD.
If you’re looking for a cooler climate, accessible coastal living and culture galore, a sea change from NSW to Tasmanian Property, maybe for you. Vision Property and Finance has helped many of our clients with interstate property investing with expert mortgage brokering and financial planning advice. Do you want award-winning service? Get in touch with us here, we’d be happy to help!