Melbourne developer Spacious Group has completed Voyage Altona, one of the closest new apartment developments to Altona Beach.

Off the plan purchasers have started moving into the 49-apartment project on Pier Street, with the remaining move-in-ready one-, two- and three-bedroom apartments starting from just over $500,000.

Display apartments have now been fitted out, allowing prospective buyers to inspect the completed residences by appointment.

[smartcode_project:default project_id=112195 project_image_fid=372638]

The completed apartments feature open-plan living and dining areas which extend onto private balconies and terraces, while full-height glazing maximises natural light throughout the interiors.&nbsp;

Hybrid timber-look flooring, stone benchtops, Miele appliances, porcelain-tiled bathrooms and generous storage feature throughout the building which also features landscaped communal areas, expansive shared terraces, lift access and secure on-grade parking.

Drawing inspiration from its bayside setting, Voyage adopts a restrained palette of warm neutral tones and textured finishes. Many of the apartments take advantage of views across Port Phillip Bay, while the indoor-outdoor living spaces have been designed to make the most of the coastal outlook.

[smartcode_project:default project_id=112195 project_image_fid=3286]

Voyage was developed to address what Spacious Group identified as an undersupply of higher-quality apartment product in Altona, with a focus on owner-occupiers looking to remain within the bayside community.

"Voyage responds to very strong local buyer demand for quality, owner-occupier-focused product," says Barry Plant Projects Director Jarrod Farey, who has handled sales since the project's launch.

"The project delivers an elevated lifestyle proposition, with its design and quality of finish far exceeding anything previously produced in the area, as well as its proximity to Pier Street Village and the beach."

The majority of purchasers have been local downsizers and owner-occupiers looking to stay within the Altona community but who previously had limited opportunities to buy a brand-new apartment.

[smartcode_project_cta:default project_id=112195]

Joel Robinson

Spacious Group completes Voyage Altona in Altona's beachside precinct

Homecorp has secured approval for a $360 million apartment development at Budds Beach, paving the way for one of the Gold Coast's most amenity-rich residential projects to launch later this year.

Gold Coast City Council has approved Lýon Residences, a 32-level tower that will deliver 178 two and three-bedroom apartments across a prominent corner site at 8-10 Acacia Avenue and 25-27 Oak Avenue.

The approval comes as developers continue to invest in premium lifestyle-driven apartment projects on the Gold Coast, where owner occupiers are increasingly prioritising amenity as much as apartment size and location.

<a href="https://www.apartments.com.au/new-apartments/l-on-residences-25-27-oak-avenue-surfers-paradise-qld-4217">Lýon Residences</a> has been designed around a resort-style wellness offering, headlined by a Moroccan-inspired spa precinct featuring treatment rooms, a Nordic sauna and steam room, hot and cold plunge pools, a soaking pool and a residents-only juice bar.

The rooftop will include a heated infinity pool and spa, residents' lounge with private kitchen and bar, gymnasium, yoga and Pilates studio, outdoor entertaining areas and barbecue facilities overlooking the Surfers Paradise skyline.

<img alt="Lyon" data-entity-type="file" data-entity-uuid="2d3e29af-8793-486e-a684-52cef862241f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-15%20at%204.32.26%E2%80%AFPM.png?VersionId=ayG2zpLf3SS6Zy8XmKDcQods4kVWb0gm" />

Homecorp Founder and CEO Ron Bakir said Budds Beach provided the ideal location for the company's latest luxury apartment project.

"Budds Beach represents one of the most unique and sought-after pockets of the Gold Coast, and Lýon Residences has been designed to reflect that sense of rarity and refinement," Bakir said.

The project arrives as wellness continues to become a defining feature of new residential developments both in Australia and internationally.

The latest Global Wellness Institute figures show wellness real estate remains the fastest-growing segment of the global wellness economy and is forecast to exceed $1.8 trillion by 2030. Australia continues to rank among the world's 15 largest wellness real estate markets, with developers increasingly integrating health, recreation and community facilities into apartment projects.

Queensland is also experiencing strong population growth, with the Gold Coast continuing to outperform many other Australian cities as demand for new housing remains elevated ahead of the 2032 Olympic and Paralympic Games.

Bakir said the project had been designed to respond to that shift in buyer expectations.

"Strong population growth and sustained demand across the Gold Coast continue to highlight the need for well-designed new housing supply. Lýon Residences responds directly to this demand while setting a new benchmark for residential living," he said.

Each apartment has been designed to maximise views across the coastline, the Nerang River and the Gold Coast hinterland.

Located just minutes from Surfers Paradise beach and the Broadwater, the development also offers easy access to the light rail network, Broadbeach and Burleigh Heads.

Early site works are underway, with construction expected to commence later this year.

Homecorp approved for Budds Beach apartment tower, Lýon Residences

New apartment developments with uninterrupted, north-facing views over Perth's Swan River are exceptionally rare.

Recognising just how limited those opportunities are, <a href="https://www.apartments.com.au/developers/edge-visionary-living">Edge Visionary Living</a>, one of Perth's most respected builder-developers, targeted <a href="https://www.apartments.com.au/developments/applecross-wa-6153">Applecross</a>, assembling an unrepeatable 6,342 sqm riverfront site on the corner of Moreau Mews and Canning Beach Road to create one of Perth's only new north-facing apartment developments directly overlooking the Swan River.

Today, <a href="https://www.apartments.com.au/buildings/riviere-residences-applecross-59-canning-beach-road-applecross-wa-6153">Rivière Residences</a> offers buyers a unique opportunity to choose between completed residences ready to move into now and off-the-plan homes in the final stage, Rivière West.

[smartcode_project:default project_id=28384 project_image_fid=3823]

Across the completed East and Central buildings, residents are already enjoying the development's luxury amenity, while two of the precinct's hospitality venues are now open.

The completed component of the development gives buyers the advantage of experiencing the finished product firsthand, including its uninterrupted river views, while still having the opportunity to secure a residence in the final stage.

"People are wowed by the view and the quality of the apartments,"&nbsp;Edge Visionary Living Sales Executive, Holly McSweeney, says.

"They're looking for the convenience of lock-and-leave living, but they're not looking to downsize on quality."

[smartcode_project:default project_id=28384 project_image_fid=3826]

The rarity of the development hasn't been lost on prospective buyers, McSweeney says.

For McSweeney, it all comes back to a location that is becoming increasingly difficult to replicate.

"Location, location, location," she says. "We are nestled right on the front of the Swan River. You can never get built out, so wherever you are in Rivière Residences, you've got views of the river forever."

The unique waterfront position has resonated particularly strongly with local downsizers. McSweeney says many buyers are long-time Applecross residents looking to transition from large family homes into a luxury apartment without sacrificing space, quality or the lifestyle they've enjoyed for decades.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/N_FowNW0wu8?si=vb25XFq1wZ-iufAW" title="YouTube video player" width="560"></iframe>

A major focus for Edge in recent years has been resident amenity. Across its apartment portfolio, from beachfront developments in Scarborough to luxury towers in South Perth, the developer has increasingly invested in the spaces beyond the apartment itself.

The strategy has largely been shaped by downsizer demand. Many buyers are moving from large family homes with swimming pools and established gardens. While they're looking to leave the maintenance behind, they don't want to compromise on lifestyle.

At Rivière, <a href="https://www.apartments.com.au/architects/hillam-architects">Hillam Architects</a> designed the resident facilities as an extension of each apartment. A 25-metre heated swimming pool takes advantage of the north-facing river outlook, complemented by a large gym, sauna and steam rooms, private dining spaces, residents' lounges, a cinema, games room, and dedicated wine and whisky rooms.

[smartcode_project:default project_id=28384 project_image_fid=372542]

The waterfront location has also proved to be a major drawcard. Residents are within walking distance of the Raffles Hotel, South of Perth Yacht Club, the Heathcote Cultural Precinct and the cafés, restaurants and boutiques along Ardross Street.

Beyond the location and amenity, McSweeney says many buyers take confidence from Edge's fully integrated development model.

Having delivered apartments across Perth for decades, Edge now designs, develops and constructs its projects in-house, giving the company greater control over quality, delivery and the finished product.

"What I love is when people walk through their apartment for the first time and say, 'This is better than what we imagined,'" McSweeney says. "We hear that all the time."

Completed apartments in the East and Central buildings are now available to inspect by appointment, while Rivière West, the final stage of the precinct, is expected to be completed in the first quarter of 2027.

[smartcode_project_cta:default project_id=28384]

North-facing Swan River views drive demand at Rivière Residences in Applecross

Nearly 60 per cent of apartments at McNab Group's $220 million The Tannery development in Brisbane's West End have sold ahead of the project's public launch, including a suburb-record $2.57 million sale for a two-bedroom apartment.

The early sales campaign has secured buyers for 50 of the project's 87 apartments, highlighting continued demand for larger owner-occupier apartments that combine generous floorplans with premium lifestyle amenities in one of Brisbane's most tightly held inner-city suburbs.

[smartcode_project:default project_id=143337 project_image_fid=374768]

McNab Group Executive Chairman Michael McNab said selling more than half the project before launch reflected changing buyer expectations.

"Selling more than half the project before public sales open tells us buyers are actively seeking apartments that offer something genuinely different," McNab said.

"Today's buyers are looking beyond four walls. They want homes that genuinely enhance the way they live, with spaces that support health, connection and everyday wellbeing."

[smartcode_project:default project_id=143337 project_image_fid=374767]

A key point of difference for the project is the adaptive reuse of the heritage-listed Dixon's Tannery building, which will become The Retreat, a residents-only wellness precinct rather than being redeveloped into additional apartments.

The Retreat will feature a sauna and steam room, hot and cold plunge pools, a commercial-grade gym, Pilates studio, cinema, library, co-working spaces and private dining room. Rooftop amenities will include a swimming pool, landscaped gardens, outdoor entertaining areas and dog-friendly spaces.

[smartcode_project:default project_id=143337 project_image_fid=374760]

Designed by Cottee Parker Architects with interiors by Tom Mark Henry and landscape architecture by Aspect Studios, The Tannery comprises 87 two, three and four-bedroom apartments across 11 levels overlooking the Brisbane River.

Cottee Parker principal Dee Passenger said preserving the original tannery building had been central to the project's design.

"The easy option would have been to maximise the site's development potential with additional apartments. Instead, McNab has chosen to preserve the original tannery as a shared wellness retreat, ensuring this important piece of Brisbane's history remains at the heart of the community."

Passenger said sustainability also played a key role in the design, with materials from the original industrial site salvaged and repurposed throughout the development.

[smartcode_project:default project_id=143337 project_image_fid=374761]

Motiv CEO Carly Cottam said buyers had responded strongly to the combination of larger apartments, wellness facilities and the West End lifestyle.

"We are seeing more buyers looking for homes in the sky that provide the space and functionality of a traditional home, while benefiting from the convenience and lifestyle that apartment living brings," Cottam said.

She said purchasers included both owner occupiers and investors, with demand coming from local buyers as well as interstate purchasers.

Coinciding with the public launch, McNab also announced a partnership with Queensland Ballet, whose neighbouring Thomas Dixon Centre shares historical ties with the original Dixon family.

Located on a 4,465 sqm site at 439 Montague Road, The Tannery overlooks the Brisbane River and is around 10 minutes from the CBD.

Construction is underway, with completion expected in the second half of 2027.

[smartcode_project_cta:default project_id=143337]

More than half of residences sold before public sales as McNab announces significant partnership with Queensland Ballet

McNab's The Tannery nears 60 per cent sold before public release, sets two-bedroom West End record

Iwan Sunito's vision for a landmark mixed-use precinct in Sydney's Inner West has taken a major step forward, with approval granted for the $1.9 billion Five Dock development first unveiled earlier this year.

The approved scheme by <a href="https://www.apartments.com.au/developers/one-global-capital">One Global Capital</a> will deliver an 80,500 sqm mixed-use precinct comprising 840 apartments, integrated hotel accommodation, commercial and retail space, alongside publicly accessible open space designed to create a new destination for the growing suburb.

"This is a significant milestone for One Global Capital and for the future of housing delivery in Sydney," Sunito said.

"The Housing Delivery Authority was established to identify major housing projects capable of delivering meaningful supply more efficiently, and we are delighted that Spencer Street has been recognised as one of those projects.”

He said the declaration reflected the rapid progress achieved since acquiring control of the site.

"In less than seven months we have progressed from taking control of the site to securing entry into one of the NSW Government's most important planning pathways. It reflects the experience of our team, the strength of our consultant group led by Urbis, and our long-term commitment to delivering transformational projects that contribute to Sydney's future."

When the project was revealed earlier this year, Sunito described the opportunity as one of the strongest development sites he had worked on.

"I probably hadn't appreciated the uniqueness of the site until more recently when putting together the concept plans," Sunito said.

"The proximity to the water, and the golf course opposite, is unlike any other part of Parramatta Road. We have a unique position and view corridors over the water that makes this one of the best sites I've worked on."

The development has evolved since its initial announcement, with the approved plans increasing the residential component from the originally proposed 750 apartments to 840 homes while retaining the project's focus on creating an integrated neighbourhood rather than a standalone residential development.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/a-city-within-a-city-iwan-sunito-flags-1-5-billion-mixed-use-precinct-in-five-dock">"A city within a city": Iwan Sunito flags $1.5 billion mixed-use precinct in Five Dock</a>

The precinct will combine apartments with hotel accommodation, commercial workplaces, retail offerings and public spaces, creating a mixed-use environment intended to serve both residents and the broader Five Dock community. The proposal also continues the collaboration between One Global Capital and internationally recognised architect <a href="https://www.apartments.com.au/architects/koichi-takada-architects">Koichi Takada</a>, whose previous work with Sunito includes Infinity, Arc and Skye North Sydney.

Takada previously said the design was driven by a philosophy of integrating nature into the built environment.

"The concept for this development is born from our design approach to naturalising architecture," Takada said.

"The public realm benefits from biophilic design that integrates generous landscaping, and the development is optimised for natural daylight, airflow and water views to foster wellbeing, sustainability and spaces that foster community interaction."

Sunito has consistently described the project as a "city within a city", with a strong emphasis on creating a destination that extends beyond housing.

"We want to create a development that's not only to be seen, but to be experienced by the whole local community," he said.

The approval comes as Five Dock continues its transformation ahead of the opening of the Sydney Metro West line, with the new Five Dock station set to significantly improve connections between the Inner West, Parramatta and the Sydney CBD.&nbsp;

The precinct will also benefit from its proximity to the Parramatta Road corridor, nearby waterfront parklands and established retail and dining offerings that have made Five Dock one of Sydney's most tightly held Inner West suburbs.

Iwan Sunito secures approval for $1.9 billion Five Dock mixed-use precinct

Hobart

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GUEST OBSERVER
Hobart is Propertyology’s tip to be Australia’s best performed capital city property market in 2017.
An underrated economy, limited properties for sale, the tightest vacancy rates in Australia, a more controlled housing supply pipeline than mainland cities, and increased buyer activity are expected to drive property prices and rents higher.
We have been actively investing in Hobart for a while and our buyer’s agents have observed firsthand price growth of 8 to 10 percent over the past 12 months. We can only see buyer activity further intensifying and forcing stronger growth over the next couple of years.
On an all things being equal basis, double-digit price growth is well and truly on the cards for Hobart in 2017.
<a href="/images/2016/11/16/1.Population3.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/16/1.Population3.jpg" alt="">
The significant retraction in properties listed for sale has made it increasingly difficult for our buyer’s agents to find suitable properties for our investors. Properties are generally selling within a week of listing and often going for prices well above our own appraisal range. The market is red hot.
Residential vacancy rates in Hobart are the lowest of all capital cities and rental yields are the highest. 
It’s an investor’s paradise in that Hobart is producing the dual benefit of solid capital growth and high rental yield.
Housing Demand
On the back of the underrated improvement with Tasmania’s economy over the last couple of years, the latest quarterly population data from ABS showed its highest population growth rate in five years.
Some property investors place too much emphasis on Tasmania’s below average population growth rate. The fact is that, over the last 20 years, there have only been 2 quarters out of 80 where Tasmania’s population grew by more than the national average but Hobart’s property market has experienced plenty of strong years. During the 6 years 2001 to 2006, inclusive, Tasmania’s population growth rate was below the national average for 5 of those 6 years yet property price growth was far superior to Sydney, including growth of 44.6 per cent, 32.1 and 11.2 in 2003, 2004 and 2005.
Of greater significance to housing demand than population growth is affordability and economic improvement. Hobart’s median house price is well less than half the cost of Sydney and Melbourne and there’s good reason to be optimistic about Tasmania’s economy.
The much lower entry price and higher yield make Hobart a significantly safer investment than Australia’s two biggest cities, particularly so when interest rates start trending up again.
Job volumes in Hobart bottomed at 100,400 in January 2014 and increased to 106,000 as at December 2015. The improved labour market has definitely lead to a general increase in consumer confidence.
Sydney and Melbourne are much closer to the end than the beginning of their growth cycles. Hobart, on the other hand, is just beginning. 
Economy
Tasmania’s improved economy is somewhat of an untold story:
International Exports: 8.7 percent increase in Tasmania for the year ending September (compared to 2 percent growth nationally).
Retail Trade: 7.3 percent increase over the two years ending September (compared to 7.1 percent national average)
Visitor Arrivals: 17.7 percent increase for the year ending August 2016 (the biggest increase of all states)
Unemployment Rates: Tasmania’s September unemployment rate of 6.5 percent is far and away the most improved state in Australia over the last 3 years.
Housing Finance: the number of loans for the quarter ending August 2016 is 7.2 percent higher than the same time last year (second highest growth in Australia).
Propertyology is anticipating continued improvement in Hobart’s economy to come from greater engagement with Asian countries, a very strong tourism industry, an expanding international student market, major construction projects like the Hobart hospital, several new hotels, and the exciting Macquarie Point project, and fast-rising demand for Tasmania’s world-quality agriculture products (Asia’s food bowl).
Housing Supply
Big mainland cities have unprecedented high volumes of new properties in the supply pipeline at a time when population growth (demand) is not dissimilar to historical trends. Hobart on the other hand has building approval volumes which are much more sustainable. 
There is an imbalance which threatens Sydney and Melbourne property markets, especially if interest rates rise and / or Asian investors need to get their money out of Australia. Hobart’s supply and demand metrics certainly look more balanced.
Simon Pressley is managing director of Propertyology, an REIA Hall Of Fame Inductee, property market analyst, accredited property investment adviser, and Buyer’s Agent. <a href="https://www.propertyology.com.au/more-than-a-buyers-agent/" target="_blank">Propertyology works exclusively with property investors</a> to purchase properties in strategically chosen locations all over Australia.
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spressley-sBoeMhannA

Hobart to be Australia’s top capital city performer in 2017: Simon Pressley

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The Hobart accommodation market is anticipated to continue to be a strong performing market, although new supply additions under construction may pose some challenges in the year’s ahead, according to Colliers International’s latest report.
The most recent major transaction was the sale of the Sebel Launceston in January 2015 for $9,855,000.
The latest figures for the 2015-16 financial year highlight that the number of visitors (up 2%), spending (just over $2.05 billion up 9%) and length of stay of visitors to Tasmania have all increased.
“International visitation in particular is growing despite there being no direct international flights to Hobart. Coming off a low base, the latest figures from the International Visitor Survey showed a record 224,000 international visitors coming to Tasmania last financial year (up 13%) particularly from Asian markets, the USA and Europe,” the report stated.
<a href="/images/2016/11/04/Hobart%20airport%20arrivals.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/04/Hobart%20airport%20arrivals.jpg" alt="">
The Hobart hotel market is performing strongly with STR figures showing 80.2% occupancy for the year to date to August 2016 (up 3.5%), average room rates of $164.75 (up 3.3%) and revenue per available room (RevPAR) up by almost 7% at $132.06.
Hobart Airport catered for around 2.3 million passengers in 2015-16, representing growth of 5.8% over the past year.
The 2015 masterplan for Hobart Airport outlines the short, medium and longer term plans for the airport site and provides an interesting insight into the future travel expectations and traffic into Hobart Airport.
Hobart Airport has achieved annual average growth of 2.6% over the past five years, even with the withdrawal of Tiger services in 2012. Looking forward, the expectation of increased passenger movement is significant. It is projected that some 4.5 million passengers will travel through Hobart Airport by financial year 2035, as compared to 2.18 million in financial year 2014.
The current runway length at Hobart Airport of 2,251 metres can cater to direct flights from mainland destinations as far as Darwin, Cairns and Perth along with locations within New Zealand but it is not adequate for larger aircraft such as Boeing 787 and 777 capable of flying from South Asia destinations.
However, a runway extension at Hobart airport is to be undertaken which will increase the length of the runway by 500 metres. A further proposal exists to redevelop the passenger terminal. These works are scheduled for completion in 2017.
"We highlight that we are aware of the following three significant hotels currently under construction including the Federal Hotels 114-room hotel in Sullivans Cove, The Fragrance Hotel development on Macquarie Street with 296 rooms, and the Crowne Plaza on Liverpool Street with 187 rooms," the report said.
"In addition to these projects that are under construction we are aware of a further six hotels in the pipeline.
"If all projects proceed the total number of rooms is estimated to increase by 48% by 2020.
"We also note the recent announcement by Singapore’s Fragrance Group that has lodged plans for two new hotels. If the applications are approved this would add a further 895 rooms to the market."
<a href="/images/2016/11/04/Hobart%20room%20supply.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/04/Hobart%20room%20supply.jpg" alt="">
For the most recent hotel transaction in Tasmania of note, the Sebel Launceston, was purchased by local Tasmanian family, the Richman family, however the agents reportedly fielded seven offers from Singapore, Victoria, Queensland and New South Wales.
Colliers International is marketing a hotel in Launceston at present.
The three new hotels that are under construction in Hobart, of the size and quality proposed will provide significant new competition for the Hobart market.
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j.ballantyne1990-6AQqhLzZaK

Hobart hotel market records strong occupancy levels and rate growth

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The expiry of Tasmania's first home buyer incentives for purchasers of established dwellings in 2014 saw first home buyer demand decline, according to QBE’s latest housing report.
First home buyer demand in the state has since bottomed out and is now in a recovery phase, the report said.
Loans to first home buyers increased by an annual 6% in 2015/16 and the rising trend has been accelerating, with loans to first home buyers in June quarter 2016 being 24% higher than the same period a year earlier.
It is likely that some of this demand stems from increased interstate migration. In contrast, purchase activity by upgraders and downsizers has been easing, with loans to non–first home buyers having fallen by 4% in 2015/16.
Demand from investors has also been decreasing, with the total value of loans to investors having fallen by an annual 13% in 2015/16. As with the other states, tightened lending policy by the banks is containing investor demand, although the decline in 2015/16 has been lower than the national decline.
Rental growth has been largely flat and vacancy rates are close to balance at just under 3% through 2015/16.
House prices in Hobart were flat in 2014/15, but picked up in 2015/16, with the median house price increasing by 5.2%. Tasmania’s net interstate migration outflow has been steadily declining since peaking in 2011/12, and interstate migration is on track to record a net inflow in 2015/16.
Part of the driver of this recovery is likely to be increased “tree changers” downsizing from the more expensive mainland capitals, while there are also likely to be many returnees from the mining states who contributed to the higher net interstate migration outflows of recent years.
House price growth has been unevenly spread across the Local Government Areas of Hobart. Median house price growth has been particularly strong in Hobart (10.1%), Clarence (8.4%) and Kingborough (6.9%). Glenorchy (1.1%) and Brighton (2.8%) saw more moderate house price growth while Sorell (–3.3%) experienced a decline in its median house price. The overall Greater Hobart median grew 5.2% over 2015/16.
<a href="/images/2016/10/14/Table%2012.jpg" target="_blank">Click to enlarge</a>
<a href="/images/2016/10/14/Table%2012.jpg" target="_blank"><img src="/images/2016/10/14/Table%2012.jpg" alt=""></a>
The Tasmanian economy has been weak in recent years. A high Australian dollar and slow population growth have added to general economic weakness. However, improved household spending, non–residential building activity and improving exports suggest a stronger economic recovery.
The weakening Australian dollar should support growth in tourism while the agricultural and mining industries should also benefit. The state unemployment rate fell from 7.8% at March 2014 to 6.6% at March 2016. Greater Hobart has a lower unemployment rate than the rest of the state, having fallen from 6.7% to 6.1% over the same period.
Greater Hobart has also been the main destination for migrants from overseas, interstate and the rest of Tasmania, with its population rising by 0.8% in 2014/15 while the population of the rest of Tasmania was flat.
On the supply side, completions at the state level have continued to rise while underlying demand has been slow. This has seen Tasmania’s dwelling surplus climb from 4,800 dwellings to an estimated 5,300 dwellings at June 2016. Given the disparity between population growth, it is likely that the oversupply is greater in regional Tasmania.
Reflecting lower income levels and fewer drivers of employment, Hobart has the lowest median house price compared to the other state capitals. Its relative affordability compared to other capital cities is a significant driver of demand as interstate migrants seek a more affordable market.
The current low interest rate environment is expected to improve affordability and spur purchaser demand, the QBE report said. Poor affordability in Melbourne and Sydney is expected to fuel further migration to Tasmanian cities, a trend already evident with the net interstate inflow forecast to increase further to 1,000 persons in 2016/17 and 2017/18.
Click to open chart in new window
<img src="/images/2016/10/14/Chart%2030.jpg" alt="">
Overall, the gradual recovery in the local economy and interstate migration is expected to underpin price growth, while the presence of an excess dwelling stock at the state level will likely limit price growth to more moderate levels. Hobart’s median house price is forecast to rise from $377,900 at June 2016 to $425,000 by June 2019, reflecting growth of around 4% per annum or a cumulative 12.5%.
With a significantly smaller unit market, and thus a smaller sample of sales volumes to measure the median, movement in the median unit price in Hobart can be much more volatile from quarter to quarter. Overall, however, median unit prices have been in a gradual decline since its peak median price of $420,000 in June 2011.
With falling investor demand, the unit market could experience the greatest impact as investor purchasers have traditionally been more prevalent buying units.
This softness is expected to continue to dampen demand, limiting median unit price growth to a forecast 1%–2% per annum through to 2018/19. This is forecast by QBE to push the median unit price to $315,000 at June 2019; a cumulative growth of 4.5% over the forecast period.
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Hobart first home buyers in recovery stage: QBE Housing Outlook

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Some 9.6% of Hobart houses and 14.5% of units resold over the June 2016 quarter were at a loss, according to the latest CoreLogic Pain and Gain report. 
The CoreLogic report compares the most recent sale price to the previous sale price in order to determine whether the property sold at a gross profit or gross loss.
Both property types recorded an increase over the quarter, however year on year there's some joy – 13.5% of Hobart homes resold over the June 2015 quarter were at a loss.
The Hobart metropolitian council regions with the highest proportion of loss making resales over the quarter were: Brighton (18.2%), Derwent Valley (17.4%) and Sorell (15.0%).
<a href="/images/2016/09/28/pain%20and%20gain%20hobart.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/09/28/pain%20and%20gain%20hobart.jpg" alt="">
The proportion of loss-making resales was lowest in Hobart (5.9%), Clarence (9.1%) and Kingborough (11.0%) council areas.
<a href="/images/2016/09/28/hobart%20pain%20and%20gain%20chart.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/09/28/hobart%20pain%20and%20gain%20chart.jpg" alt="">
Get the full report <a href="https://www.corelogic.com.au/news/file-download?id=56fe4d38-98f3-4f82-b763-e91283945def">here</a>.
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Hobart's Brighton and Derwent Valley property sellers cop sale pain: CoreLogic

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Mornington takes the equal top spot as Hobart's 2016/2017 hotspot for investing in houses with an expected increase of four percent over the next 12 months.
Mornington's current median price is $300,000, according to APM, in their forecast developed by APM senior economist, Dr Andrew Wilson.
<img src="/images/2016/09/22/31%20Binalong%20Road.jpg" alt="">
An example would be a four bedroom house at <a href="https://www.realestate.com.au/property-house-tas-mornington-122582650" target="_blank">31 Binalong Road</a> (above) that is currently on sale for over $349,000, which is $49,000 above the median price.
<img src="/images/2016/09/22/496%20Cambridge%20Road.jpg" alt="">
Similarly a four bedroom house was recently sold at <a href="https://www.realestate.com.au/sold/property-house-tas-mornington-121388966" target="_blank">496 Cambridge Road</a> (above) for $380,000, which is $80,000 more than the median price.
The Smart Investor magazine, published by Fairfax Media, ranked Blackmans Bay and North Hobart as equal best hotspot.
Suburb                   Postcode          Median price        12 month forecast
Mornington             7018                  $300,000                 4%
Blackmans Bay        7052                  $435,000                 4%
North Hobart           7000                 $475,000                  4%
Carlton                   7173                  $277,500                  3%
Primrose Sands       7173                   $210,000                 3%
West Hobart           7000                   $520,000                  3%
Kingston Beach       7050                   $480,000                 3%
Hobart                   7000                   $557,000                  3%
Bagdad                   7030                  $282,500                 3%
Taroona                  7053                   $522,500                 2%
 
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Mornington ranked the 2017 hotspot for Hobart houses

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After CoreLogic RP Data recently reported a median house price of $300,250 in Hobart, Property Observer went searching for what that got. 
In <a href="https://www.realestate.com.au/property-house-tas-moonah-123289826" target="_blank">Moonah</a>, the median house price will secure a three-bedroom, one-bathroom house on Tregear Street (above). The house sits on 536 square metres of land. 
For $315,000 on <a href="https://www.realestate.com.au/property-house-tas-kingston-122495030">Redwood Road</a> in Algona Rise, Kingston buyers can secure a brand new two-bedroom, two-bathroom house (below). The house is the final remaining house in Algona Rise. 
<img src="/images/2016/08/31/Screen%20Shot%202016-08-31%20at%204.36.51%20PM.png" alt="">
In <a href="https://www.realestate.com.au/property-house-tas-old+beach-121977542" target="_blank">Old Beach</a>, $300,000 will secure a three-bedroom, one-bathroom house with river and mountain views on Grevillea Avenue (below). The 1995 brick veneer house sits on 1,002 square metres of land.
<img src="/images/2016/08/31/Screen%20Shot%202016-08-31%20at%204.39.13%20PM.png" alt="">
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jonathanchancellor-7SQnKwU6yx

What the $385,000 median house price gets in Hobart

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Residex says it is highly important to contextualise Hobart’s unit market growth figures because growth has been less consistent over the last five years compared to other cities.
Graph 1 shows a time series of quarterly sales and capital growth for the Hobart unit market.
Graph 1: Quarterly Capital Growth and Sales Numbers – Units, Greater Hobart
<a href="/images/2016/08/11/Graph_1.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/08/11/Graph_1.jpg" alt="">
Source: Residex
The graph shows that strong growth in the May quarter came off the back of negative growth in the previous two quarters. It also follows losses in Hobart between 2011 and 2013. If you invested in the median Hobart unit in May 2010, when the median value was $282,000, you would have made nominal gains of just $5,000 in capital growth over the last five years.
Much of the stunted growth in Hobart is a result of the end of the mining boom and economic growth constraints such as geographic separation from the rest of Australia. However, as the Australian economy moves away from mining and into tourism, and those close to retirement develop an increased interest for investment properties, Hobart units suddenly present an affordable opportunity with high rental yields – which could account for the rebound of growth in the May quarter.
It is true that tourism has grown in Tasmania. Visitation to Tasmania and visitor expenditure in Tasmania grew approximately 7% in the year to March 2016. During this time, most visitors were people within Australia (85%), particularly Victoria (37%). A persistently low AUD may be encouraging domestic tourism for Australians as opposed to overseas visitations. Simultaneously, the low AUD could encourage further increases in international visitation, but this too is dependent on the stability of the global economy. Confidence in the global economy continues to be threatened by heavy migration flows and, in the short term, the possibility of Britain leaving the European Union.
Another important factor to consider is the wider Australian housing market, which is in the downswing phase of the growth cycle. As growth in housing slows, the wealth effect of housing diminishes, which may also reduce interstate visitation to Tasmania.
Another important consideration for those looking to Tasmania is rent. The rental yield on the median Hobart unit is currently 5.53%. Graph 2 shows the dollar value rent estimates of the median Hobart unit since 2010.
Graph 2: Historical Median Rent – Hobart Units
<a href="/images/2016/08/11/Graph_2.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/08/11/Graph_2.jpg" alt="">
Source: Residex
Graph 2 shows rent has trended upwards. In the year to May 2016, rent increased by $20 per week. However, if wage growth does not prosper with rents, rental return may be held back by affordability problems.
A report by SGS Economics and Planning has found that some households in greater Hobart are spending an estimated 50-80% of their disposable income on rent. Anecdotal reports also argue that homelessness is steadily increasing in the region. However, the report uses 2011 Census income data, discounting wage growth over the last five years. As the value of Hobart units increase, rental yields are most likely to fall. The extent of the fall will depend on the rate of wage growth in the region. This is an important consideration depending on your investment strategy.
Finally, it is important to consider some of the more endogenous structural growth constraints in Tasmania. The seasonally adjusted unemployment rate in Tasmania was 6.5 percent in May, and the state also has the lowest rate of year 12 completion in 20-24 year olds (58 percent) due to irregular school structures.
Should Labour win government in the upcoming July 2 election, the opposition leader has pledged $150 million to the University of Tasmania and small business incentives to encourage a culture of further education, which could create long term job and growth prospects.
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jchancellor-FAypfDUnLy

Growth in Hobart unit market less consistent: Residex

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Home values in Hobart have increased by 5.2 percent over the past three months and are +6.2 percent higher over the past year according to CoreLogic. 
CoreLogic's Housing and Economic Chart Pack for August noted values have increased by just 15.5 percent over the past 10 years. 
<a href="/images/2016/08/10/Screen%20Shot%202016-08-10%20at%201.50.17%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/08/10/Screen%20Shot%202016-08-10%20at%201.50.17%20PM.png" alt="">
The latest June quarter has backed up the CoreLogic growth advisory, by recording the highest number of real estate sales in a quarter since March 2010, according to the Real Estate Institute of Tasmania.
Hobart recorded a $10,000 increase in median house sale price to $395,000 whilst Launceston and the North West Centres remain stable at $285,000 and $230,000 respectively. Increases were again recorded in the sale of units/ townhouses with Launceston prices increasing 22 percent.
Some 1749 house sales were recorded in total across the state at a median price of $315,200; 319 units/townhouses at $258,000 and 394 land sales with a median price of $130,000.
REIT President, Tony Collidge, said Brighton, Central Coast, Devonport and Glenorchy Municipalities all recorded significant increases (greater than 20%) in house sales volume for the quarter.
Brighton was a standout with the number of sales increasing by 55.8 percent to 67 sales.
Sandy Bay retained the crown as Tasmania’s most expensive suburb with 23 sales at a median price of $800,000. Zeehan was Tasmania's most affordable town recording five sales at a median price of $55,000.
The Tasmanian rental markets are performing strongly with vacancy rates below 3 percent and with most achieving yields above 5 percent, the REIT president, Tony Collidge advised.
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Hobart home values increase by 5.2 percent over the past three months: CoreLogic

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A showroom complex in Hobart CBD area recently found a customer after being on the market for 792 days (CoreLogic RP Data). The deal was brokered by Raine &amp; Horne.
The corner property at <a href="https://www.rhcommercial.com.au/properties/126-126c-bathurst-street-hobart-7000-tasmania" target="_blank">126-126C Bathurst Street</a> was listed for $1,300,000 plus GST, but the final sale amount wasn’t disclosed, according to RP Data.
The property has a gross building area of nearly 659 sqm and features showrooms on the ground and first floors along with storage, office, workshop and garage areas.
Offered with vacant possession, the property has potential for multiple tenancies or further development subject to Council approval.
The selling agent was Leslie Simpson.
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Corner showroom in Hobart CBD sold by Raine & Horne

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The latest discounted property of the week from SQM Research is a townhouse in the middle of Launceston, Tasmania with a price reduction of $44,000 - supposedly just for June.
SQM research managing director Louis Christopher said the property, 3/28 Abbot St, East Launceston, Tasmania, first came onto the market back in April this year with an original asking price just shy of $330,000.  
"The vendor has now slashed this price by $44,000 reducing the property to just $285,000, supposedly just for the month of June (clearly a sellers bluff)," he said.
"The townhouse is located smack bang in the middle of Launceston, with two generous sized bedrooms, one bathroom, balcony and courtyard. The property is solid brick rendered with a brand new kitchen, and double glazed windows (to help minimise those cosmopolitan noises). 
"The listing states that the townhouse is conveniently located adjacent to a bus stop, with plenty of public transport routes nearby, and Launceston airport just a short 20 minute drive away. Launceston is located approximately 200km outside of Tasmania's capital city Hobart.
"According to 12 month actuals to March - Hobart is currently outperforming this forecast with property prices rising at 7.6 percent.
"Notably, East Launceston recorded a vacancy rate of 1.9 percent in April 2016, this reflects a reasonably tight residential market, however, and it is slightly higher than the capital city average of 0.9 percent for Hobart."
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