Longstanding Gold Coast developer Raptis has acquired a prime development site on Surf Parade for its next Broadbeach apartment project.

Progressing towards completion of <a href="https://www.apartments.com.au/new-apartments/the-sterling-broadbeach-6-8-george-avenue-broadbeach-qld-4218">The Sterling Broadbeach</a>, 90 apartments on nearby George Avenue, <a href="https://www.apartments.com.au/developers/raptis">Raptis</a>, led by second-generation family man Evan Raptis, has picked up a block on the corner of Surf Parade and First Avenue.

The site had been earmarked for a luxury apartment project with 33 full-floor apartments across a 37-storey tower. Raptis will go back to the drawing board and create a building more appropriate for the site. The development application will be lodged later this month.

Evan Raptis told Apartments.com.au the site ticks all the boxes.

"Broadbeach is a suburb we've developed several buildings over the years. Surf Parade ticks all the boxes for the type of apartment development we want to deliver."

Raptis had several pre-lodgement meetings with council to ensure they are aligned in the development.

<img alt="Raptis" data-entity-type="file" data-entity-uuid="f0d58573-07a4-47a8-9f5e-fbf35fb03dc3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-03-05%20at%204.58.23%E2%80%AFPM.png?VersionId=iczZEd_4_o4UL0PHMPJGfy_q3tv96J5i" />

Surf Parade has emerged in recent years as one of the most popular streets in Broadbeach for development.

South East Queensland developer Mosaic Property Group kicked it off with Marella by Mosaic. Bassar Group sold out Infinity on the street, while for its&nbsp;first Gold Coast development, Polycell grabbed a Surf Parade site for <a href="https://www.apartments.com.au/new-apartments/the-rochester-broadbeach-143-surf-parade-broadbeach-qld-4218">The Rochester</a>, which is nearly sold out.

Melbourne-based developer Hirsch &amp; Faigen recently launched its fourth Gold Coast project on the exclusive strip. The Eveleigh Broadbeach will have 100 apartments across a 31-storey building designed by Rothelowman.

GV Property Group site development specialists Antonio Mercuri and Luke Reaby, who both amalgamate sites and sell shovel-ready sites to developers up and down the Gold Coast, sold Surf Parade to Raptis.

Joel Robinson

Raptis secures prime Surf Parade site for next Broadbeach apartment development

Less than two years after breaking ground, Gardner Vaughan Group is celebrating the topping out of Bask, its second development in the exclusive coastal enclave of Bokarina on Queensland’s Sunshine Coast.&nbsp;

Located only minutes from the beachfront, the two seven-storey luxury apartment towers, known individually as Mydas and Caretta, offer a selection of one-to-four-bedroom residences with views of Lake Kawana, the Glasshouse Mountains, and Bokarina Beach.&nbsp;

[smartcode_project:default project_id=141609 project_image_fid=333359]

Gardner Vaughan Group Commercial Director Sam Gardner said the milestone marks the home stretch for construction, with first residents expected to be able to move in from Spring 2026.&nbsp;

“This is a significant milestone in bringing this development to life and represents our confidence in this region’s long-term growth and appeal,” Gardner said.&nbsp;

“With 85 per cent of apartments already sold, buyers are joining an established, coastal village that offers the very best of the Sunshine Coast – seasonally patrolled surf beaches, renowned restaurants, and links to established health and retail.&nbsp;

“The final collection of three- and four- bedroom apartments range in size from 127sqm to 300sqm, each with two or three secure car parks and storage, and with construction fast approaching completion we don’t expect the last few apartments to remain on the market for long.”&nbsp;

[smartcode_project:default project_id=141609 project_image_fid=333362]

Local restaurateur Luke Stringer, who co-owns and manages the award-winning Bocca Italian and Playa Mexican restaurants in Bokarina, has lived in the beachside suburb for 18 months and worked there for more than three years, and said the beachside suburb was thriving.&nbsp;

“It’s fair to say Bokarina is finally stepping into the sun and there’s a lot to love about the place,"&nbsp;Stringer said.

"It’s such a great community, where you see the same smiling faces every morning and everything’s within easy reach – it’s the perfect hub in the middle of the Sunshine Coast.

“When we first opened Bocca Italian, we were the lone restaurant, but it’s been amazing to see how the area has grown. The more venues that open, the busier it gets for everyone. When Playa Mexican opened its first Saturday night, Bocca had a record night and Playa was packed too, which blew us away how everyone is thriving.&nbsp;

“There’s a great energy around the place now, and people are really embracing Bokarina as a food and lifestyle destination.”&nbsp;

[smartcode_project:default project_id=141609 project_image_fid=363368]

Stringer joined other buyers at Bask Bokarina and the Gardner Vaughan Group team to celebrate the topping out at a special event in February.&nbsp;

Located in Kawana Waters, midway between Caloundra and Maroochydore, Bokarina locals enjoy scenic walking paths around Lake Kawana, playgrounds, beachfront boardwalk and parklands, alongside all the convenience of a masterplanned beachside community.&nbsp;

“You see people jogging or swimming in the morning, then grabbing coffee at the cafes, people are really embracing the area and all this growth is bringing more people to Bokarina,” Stringer added.&nbsp;

To take advantage of the vistas, each of the 135 apartments at Bask is designed with full size windows and high ceilings that provide an abundance of natural light.&nbsp;

Prices for the remaining three-bedroom apartments start at $1,599,000 and four-bedroom apartments start at $3,149,000.&nbsp;

[smartcode_project:default project_id=141609 project_image_fid=363369]

The mixed-use development also features ground-level retail space for cafés, dining options and boutiques, including the soon-to-be-opened ‘Corner Shop’, by the team behind Noosa’s well known ‘Organika’.

Sam Gardner said Gardner Vaughan Group’s 37-year history building and developing across South East Queensland has contributed to the success of its second development in Bokarina, which follows the recently completed Zinc Apartments.&nbsp;

“We care how people live and this is reflected in the way we approach the design and delivery of every development,” he said. “Furthermore, as a builder-developer we have full control over the construction program and our 100 per cent completion rate is something people can draw confidence from.”&nbsp;

Founded by civil engineers Guy Gardner and Darryl Vaughan in 1989, the family-owned business has evolved from a consultancy firm to an award-winning builder-developer, with projects across the Sunshine Coast, Moreton Bay, Brisbane and the Gold Coast.

[smartcode_project_cta:default project_id=141609]

Gardner Vaughan Group tops out Bask Bokarina apartments

Prolific Melbourne developer <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> has launched its fourth new Gold Coast development in as many years.

<a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a>, led by Daniel Faigen and backed by Eddie Hirsch, co-founder of United Petroleum, has unveiled The Eveleigh, on a prime 1,100 sqm site at 7-9 Surf Parade in the heart of Broadbeach.

<a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a> will deliver 100 apartments across 31 levels, making it the company’s largest Gold Coast project to date. It builds on the success of its three earlier developments, <a href="https://www.apartments.com.au/buildings/hemingway-1267-1273-gold-coast-highway-palm-beach">The Hemingway in Palm Beach</a> and <a href="https://www.apartments.com.au/buildings/emerson-kirra-100-musgrave-street-coolangatta">The Emerson at Kirra</a>, both completed, and <a href="https://www.apartments.com.au/new-apartments/yves-mermaid-beach-7-9-mermaid-avenue-mermaid-beach">Yves Mermaid Beach</a>, which is nearing completion.

[smartcode_project:default project_id=149670 project_image_fid=360966]

The announcement of The Eveleigh affirms the company’s sustained confidence in the Gold Coast market which continues to remain undersupplied. It also increases the value of Hirsch &amp; Fa​igen’s Gold Coast development portfolio to more than $700 million since the company first entered the market in 2021 with Hemingway.

The company has enlisted its preferred architecture firm Rothelowman to design The Eveleigh, which will offer a thoughtfully curated lifestyle, including a substantial wellness precinct, communal recreation areas, children’s play spaces, work-from-home facilities, and shared lounge and dining areas.

[smartcode_project:default project_id=149670 project_image_fid=360965]

Designed for the prime market demographic of downsizers and interstate lifestyle investors in mind, The Eveleigh has been crafted to offer an increasingly rare blend of affordable luxury in a tightly held market. Uniquely positioned in the heart of the Gold Coast’s most sought-after lifestyle suburb of Broadbeach, the project will also boast uninterrupted beach and hinterland views.

The Surf Parade site is just a short walk to the bustling Broadbeach dining and retail precinct, Pacific Fair, The Star Gold Coast and convention centre, and an easy stroll to Kurrawa Beach and the recreational amenity of Pratten Park on the Broadbeach foreshore.

[smartcode_project:default project_id=149670 project_image_fid=360975]

“We’re excited to be proceeding with our fourth project on the Gold Coast in what is certain to become the new luxury precinct in Broadbeach,” says Anthony Bueti, the CFO of Hirsch &amp;a​mp; Faigen and a shareholder of the group.

“With the likes of Mosa​ic and Abedian &amp;a​mp; Co also launching quality projects in the area, the transformation will cement Broadbeach as the premier lifestyle and amenity suburb on the Gold Coast.

"After four years in the Gold Coast market, and with three successful projects completed, The Eveleigh is the product of everything we have learned to love about the Gold Coast and it will be an incredible addition to our growing portfolio in one of the most vibrant property markets in the country. We continue to remain very confident in the high-end Gold Coast property market.”

Urban Activation Director Matt George is handling sales for The Eveleigh, having sold out The Emerson, The Hemingway, and Yves, all before construction was completed.

Melbourne builder MAXCON has already commenced construction on The Eveleigh. They are forecasting a mid-2028 completion.

[smartcode_project_cta:default project_id=149670]

Hirsch & Faigen unveils The Eveleigh in Broadbeach

Two years after securing development approval for the final stage of its award-winning Thornton Precinct on the doorstep of Penrith Station, Urban Property Group is set to launch <a href="https://www.apartments.com.au/new-apartments/mayfair-on-penrith-172-lord-sheffield-circuit-penrith-nsw-2750">Mayfair on Penrith</a>, around 400 apartments designed to reflect two of Sydney’s most iconic structures.

The builder-developer has continued refining the design plans for the two-building development on a significant 8,280 sqm site on Sheffield Circuit, recognising the importance of the prime parcel as one of the closest developable sites to the station.

UPG enlisted architecture firm SJB to design the project. The team said they drew inspiration from both the General Post Office in Martin Place and East Circular Quay to help shape the design. The two-level colonnade, in particular, reflects the famous GPO building, which dates back to the 1860s.

[smartcode_project:default project_id=136726 project_image_fid=362014]

There will be one-, two-, and three-bedroom apartments on offer, with interiors by Cox Architecture. Residences will sit above a retail podium featuring hospitality and lifestyle operators such as One Playground and Volcano’s Steakhouse, contributing to an activated ground plane within the broader Thornton precinct.

A communal rooftop with a pool and views towards the Blue Mountains will provide shared open space for residents. The development is positioned between Ron Mulock Oval and Westfield Penrith, with the Nepean River and Great River Walk also nearby, placing daily amenity and green space within walking distance.

&nbsp;

[smartcode_project:default project_id=136726 project_image_fid=362015]

Mayfair is being delivered by Urban Property Group, a family-owned developer and builder with nearly 40 years’ experience across Sydney. The project will be the first in Penrith to be offered with Resilience Insurance’s 10-year Latent Defects Insurance (LDI) policy, which Urban Property Group has adopted across a number of its recent developments. The developer also has a 4.5-star iCIRT rating, one of the best ratings in market providing further confidence to buyers.

Urban Property Group CEO Patrick Elias said providing additional assurance to off-the-plan buyers has become increasingly important.

“Anything we can do to give confidence in our product is a plus,” Elias told Apartments.com.au.

“Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. They’re making their single large investment, which is their home, and providing confidence is something that we feel is paramount.”

[smartcode_project:default project_id=136726 project_image_fid=362020]

The LDI policy provides a 10-year warranty covering structural defects, with independent inspections carried out during construction and protection for owners if defects arise post-completion.

Mayfair represents Urban Property Group’s sixth and final development within Thornton, consolidating the masterplanned precinct immediately east of the station.

The developer, which builds its own projects, has already commenced construction. SRM Residential is handling the sales campaign.

[smartcode_project_cta:default project_id=136726]

Urban Property Group to close the curtain on award-winning Thornton precinct with Mayfair on Penrith release

Investor appetite for Queenstown apartments is strengthening as supply constraints and four-season tourism continue to underpin demand across the alpine region.

In Frankton’s masterplanned Remarkables Park precinct,&nbsp;<a href="https://www.apartments.com.au/developers/safari-group">Safari Group</a>’s 141-apartment Mountain Oak development is attracting repeat and yield-focused buyers seeking exposure to that market dynamic.

Brandon, who specifically targeted Queenstown as an investment location, said the combination of price point and limited new supply made Mountain Oak stand out.

“It is a quality product in a location that struggles to densify,” he said, referencing Queenstown’s land-locked geography and development limitations.

<img alt="From slopes to markets: Mountain Oak connects residents to the best of Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/658d4f_48c3ec1ae5df4a2cab7d23c07c7f51b3~mv2.jpg?VersionId=27K8oQ4ExDN8Yu70VHDa9Olq59XU36m3" />

Having spent significant time in the region, Brandon pointed to its global reputation and consistent visitation as key fundamentals.

“Queenstown is a known destination from people all over the world. The place is land locked and there are issues building there. It’s also busy all year round.”

That four-season economy, driven by skiing and snowboarding in winter and hiking, cycling and water-based tourism in summer, was also central to Sherry’s decision to invest.

“I believe the four-season tourism has major appeal as it would ensure that the property will not remain empty, unlike other areas in NZ,” she said.

<img alt="From slopes to markets: Mountain Oak connects residents to the best of Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/313_Living_WEB.jpg?VersionId=3LglY20Jp_MAzQYdvwODRWvtjL.cZcqI" />

Mountain Oak has been structured to respond to that sustained demand, with 365-day visitor accommodation consent underpinning a mix of one-bedroom, flexi, two-bedroom and dual-key configurations that can operate as either short-term visitor accommodation or long-term rental housing. Dual-key apartments comprise two self-contained residences on one title, allowing owners to generate dual income streams or occupy one side while leasing the other.&nbsp;

Under Safari Group’s optional visitor accommodation management model, owners receive 60 per cent of the annual income generated by their apartment, with 24/7 on-site management, guest services and listing exposure included. Independent appraisal modelling suggests gross yields of up to 15 per cent for certain two-bedroom configurations, based on estimated nightly rates and occupancy assumptions.

For Brandon, that flexibility aligned with his broader investment strategy.

“It helps to know that I can have it managed either way,” he said. “My focus is on purchasing high yield cashflow properties.”

<img alt="Investors back Safari Group’s Mountain Oak Apartments as Queenstown’s four-season economy drives demand" data-entity-type="file" data-entity-uuid="c786ba7f-f974-4ce3-9833-1bcd9f2938d6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/658d4f_ae3c049f388f4c13bf801649d91cbb4a~mv2%20%281%29.jpg?VersionId=J25uvzGdvtFaXGzuwz28ewJ9wWzbtvur" />

He selected a one-bedroom flexi configuration, citing both yield and adaptability.

“I work remotely and can travel to most places and work. I enjoy making spaces that work for the lifestyle that I live and it seems that others also enjoy it.”

Ranging from 54 to 57 square metres, the one-bedroom flexi incorporates a separate multipurpose room suited to a home office, additional storage, or accommodation for ski gear and seasonal equipment, an increasingly relevant inclusion for buyers balancing remote work and alpine travel.

Interiors feature underfloor heating in bathrooms and a heat pump in the main living area, supporting year-round comfort. Upper-level apartments are positioned to maximise natural light, with sliding windows and balustrades in select residences enhancing outlook and ventilation. Units are available in both light and dark interior schemes.

<img alt="Investors back Safari Group’s Mountain Oak Apartments as Queenstown’s four-season economy drives demand" data-entity-type="file" data-entity-uuid="8f9492e9-8ee0-4aae-856c-8996ed9d9a06" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/658d4f_7d066f5200024c1aa472d01e2dc776ed~mv2.jpg?VersionId=MLR5xn6fLqPdBi7vxyRT.1zhQX3Ln0Ev" />

Sherry, a repeat Safari Group buyer, said her previous experience with the developer provided confidence to secure another apartment.

“Their developments have always finished on time, the quality has been high, and I didn't feel that my investment may be at risk,” she said. “Knowledge of the developer and our two existing Safari apartments gave us the confidence to proceed with this one.”

Safari Group has delivered more than 2,000 hotel units and residential apartments nationally and is now undertaking its fifth Queenstown development, reinforcing buyer confidence in delivery capability.

Although Sherry was not initially targeting Queenstown due to its price profile, prior visits reshaped her view of the market.

“I absolutely love this region and believe it is a major tourist attraction, which led me to the decision to invest.”

<img alt="How Mountain Oak Apartments draws holiday home buyers to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Ext_Cam15_Sunny.jpg?VersionId=SJAROUM_1s.Tr5ciMk4EEj5oAt_Vewmv" />

Construction commenced in June 2025, with completion anticipated by mid-2027. Apartments are priced from NZ$639,000, and the development carries Overseas Investment Office exemption approval, allowing non-residents to purchase.

For both investors, the purchase represents a balance of income generation and long-term portfolio positioning in a tightly held alpine market.

“I firmly believe my investments in Safari developments are a combination of all these elements,” Sherry said. “The location of this project enabled me to diversify.”

As Queenstown continues to attract year-round visitation alongside constrained housing supply, Mountain Oak’s dual-key flexibility, optional on-site management structure and established developer track record are resonating with investors seeking exposure to the region’s resilient tourism economy.

Investors back Safari Group’s Mountain Oak Apartments as Queenstown’s four-season economy drives demand

Tasmania

<html><body>The city of Hobart has again seen a very high rate of profit making sales with 97.2% of resales making money for their vendors in the last quester of 2020.

The rate of profit making sales increased further over the December quarter, up from 96% in the three months to September, the CoreLogic pain and gain report noted.

The lowest typical hold period associated with a profit making sales across the nation was across regional Tasmanian units, where the median hold period on a profit-making sale was just 6.7 years.

The report noted that in the 6.7 years to December 2020, regional Tasmania unit values increased around 40%, compared to an increase in unit values across the Australia-wide market of approximately 7%.

Hobart continued as the most profitable capital city across Australia in terms of the portion of resales with 97.2% of observed resales making a nominal gain in the December 2020 quarter, up from 96.7% in the three months to September.

Hobart houses saw a slightly higher rate of profit making sales (97%) than units (95.2%) in the December quarter. 

It was 97.7% in the rest of Tasmania for houses and 96.2% for rest of Tasmania units. 

"Interestingly, the rate of profit making unit sales increased 80 basis points in the quarter while the portion of unit profit making sales actually declined 80 basis points," the report noted.

Each local government area of Hobart saw a high level of profitability in the December quarter, ranging from 93.3% across Sorrell, to 98.3% across Brighton. 

Hobart has seen a renewed surge in values off the back of the cash rate reduction in November, and will likely see continued increases in profitability through the March 2021 quarter, CoreLogic forecast.

Eliza Owen, Core Logic’s Head of Research noted the lowest incidence of profit making sales across the capital cities was across Darwin, where 51.4% of properties sold for a loss.</body></html>

The city of Hobart once again saw the highest rate of profit making sales at 97%. 

jchancellor

Hobart and regional Tasmania units are selling quick and at big profits

<html><body>
Known for its lush rainforests, fresh produce and enviable lifestyle, Tasmania provides an acceptable alternative to life on the mainland.

Homebuyers are flocking to the island state as greater opportunities to work remotely arise and home prices remain relatively low.

According to CommSec’s State of the States report, Tasmania holds the mantle for the best-performing economy for the fourth quarter in a row, ranked first on relative population growth, equipment investment and dwelling starts.

Urban takes a look at three brand-new apartments in Greater Hobart. 
 

1. Kings Quarter, Kingston 
Address: Pardalote Parade, Kingston TAS 7050

[smartcode_project:default project_id=29367]

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2021-03-16_at_4.45.22_pm.png" rel="gallery-all" title="Image: Traders in Purple"><img alt="" class="image-article-full-width-580px" height="346" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/screen_shot_2021-03-16_at_4.45.22_pm.png?itok=any40ZYl" title="Image: Traders in Purple" width="580"></a>

<figcaption>Image: Traders in Purple</figcaption></figure>Offering a masterplanned community, developer Traders in Purple will offer a revitalisation at the Kingsborough area at their diverse mixed-use development.  

Birches Row, the first stage of the project, will offer 80 new, free-standing homes and townhouses, as well as retail, dining and office space centred around the Kingsborough Council’s multimillion-dollar public park.

The three and four-bedroom residences offer rich neighbourhood life, and feature alfresco living, multi-purpose space and landscaped courtyards. 
 

2. The Elliott, Hobart 
Address: 62 Patrick Street, Hobart TAS 7000

[smartcode_project:default project_id=89729]

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2021-03-16_at_4.45.37_pm.png" rel="gallery-all" title="Image: EIS Property"><img alt="" class="image-article-full-width-580px" height="352" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/screen_shot_2021-03-16_at_4.45.37_pm.png?itok=0j7kzBxx" title="Image: EIS Property" width="580"></a>

<figcaption>Image: EIS Property</figcaption></figure>Conveniently located on the doorstep to Hobart’s CBD, the Elliott presents an exclusive collection of 68 luxury homes in one, two, three and four-bedroom configurations.

The residence, designed by HBV Architects, provides expansive interior spaces, outdoor terraces and views of the city, kunanyi / Mount Wellington and beyond.

The Elliott provides convenience with the Salamanca markets, the Hobart waterfront and the CBD within walking distance from the home. 
 

3. Ingomar Residences, Hobart 
Address: 34 Patrick Street, Hobart TAS 7000

[smartcode_project:default project_id=94367]

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2021-03-16_at_4.46.23_pm.png" rel="gallery-all" title="Image: La Vie Collective"><img alt="" class="image-article-full-width-580px" height="375" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/screen_shot_2021-03-16_at_4.46.23_pm.png?itok=c_46t2Gw" title="Image: La Vie Collective" width="580"></a>

<figcaption>Image: La Vie Collective</figcaption></figure>Developed by the boutique Tasmanian property developers La Vie Collective, Hobart’s latest development provides homebuyers the chance to reside in one of 26 tailored residences in North Hobart.

Designed by S Group, the project boasts the luxe conversion of a historic 1897 mansion into eight residences, with an additional 18 apartments situated on the home’s former grounds.

The home features state-of-the-art technology, luxurious finishes, and heritage details, as well as views toward the city and the Hobart waterfront.
</body></html>

Homebuyers are flocking to the island state as greater opportunities to work remotely arise and home prices remain relatively low

max.kwok_55688

Home to Australia’s best performing economy: 3 brand-new apartments in Tasmania

<html><body>
Most people don’t let the facts get in the way of an entrenched attitude.
For six months or more, I’ve been getting blank stares or responses like “Seriously?” whenever I suggest to investors they should be considering Hobart and Tasmania.
It’s really easy to get a bad reputation and extremely hard to lose it. Tasmania has the image of a basket base economy. A state that’s losing population. A property market bereft of growth.
For many years, all of that has been true. It’s true no longer.
But most people won’t be convinced until they read there’s a boom on. And by then it will be too late to buy well.
Perhaps it is already. According to the latest House Price Report from Domain, Hobart median prices rose 8.7% for houses and 7.1% for apartments in 2015. The apartment result is the second best among the capital cities, after Sydney.
Other research sources have smaller growth numbers for Hobart but there’s no doubt that this market is moving. Throughout 2015, sales activity rose. Each quarter of the year recorded more sales than the same period the year before. Inevitably that translates into price growth.
Why is this happening? Because the Tasmanian economy is mounting a strong recovery. I’ve been recording this over the past six months or so, as an increasing number of surveys and reports by major organisations like ANZ Bank, NAB and others have recorded increasingly positive outlooks for the state economy.
Here are a few of them:
<ul>
<li>The NAB business survey for August 2015 showed business confidence in Tasmania at plus 12 — three times higher than the next best states, NSW and Queensland. Chamber of Commerce CEO Michael Bailey said at the time this was further proof that Tasmania’s economy was looking up. “There’s a feeling Tasmania is a very exciting place to be right now,” he said.</li>
</ul>
<ul>
<li>MyState’s quarterly report showed a rebound in economic indicators for Tasmania. MyState’s David Harradine said Tasmania was no longer the softest state economy on several indicators. “The lower Australian dollar, plus low interest rates, are providing an important tailwind,” he says. “This will continue to present opportunities for improvements ... The lower dollar is positive for the tourism, agriculture and manufacturing sectors which together represent a significant portion of overall activity and jobs.”</li>
</ul>
<ul>
<li>A Sensis survey found that Tasmania leads the nation in business confidence and its State Government is the most popular among small businesses. “Businesses see the Government as supportive and interested in small business and believe it is working to reduce bureaucracy,” Sensis CEO John Allan said. The Sensis Business Index showed business confidence has tripled in the state, rising 46 points to +64 and is now 25 points above the national average. Hobart was the most confident capital city, followed by Sydney and Brisbane, while confidence in regional Tasmania was up 52 points to +60, which ws the highest regional score in the nation.</li>
</ul>
<ul>
<li>A Deloitte Access Economics Business Outlook report described the Tasmanian economy as “well and truly on the rise”.</li>
<li>Tasmanian Chamber of Commerce CEO Michael Bailey said the effect of Australia’s post-mining boom slump on interest and exchange rates was breathing life into Tasmania’s tourism, manufacturing, forestry, building and overseas student industries. “We are seeing phenomenal opportunities, particularly for Tasmania’s agricultural and aquaculture industries,” he said.</li>
</ul>
<ul>
<li>State Treasurer Peter Gutwein said the State Government was working to grow the economy with its $315 million jobs package and $1.8 billion infrastructure program.</li>
</ul>
<ul>
<li>The quarterly ANZ/Property Council survey said Tasmania is about to experience a surge in foreign investment. It forecast that foreign investors would be responsible for 14% of residential purchases in Tasmania in the March 2016 Quarter, compared to 4% or below throughout the quarters of 2015. 
</li>
</ul>
The situation in Tasmania right now feels a little bit like 2003. Back then, after prices had surged in mainland cities like Melbourne, investors looked across Bass Strait, noticed how cheap everything was and generated a price boom.
Hobart currently has a median dwelling price around $330,000, compared to $600,000 in Melbourne and $775,000 in Sydney.
Cheap real estate, a market with rising momentum, underpinned by a strongly moving economy - it’s a package worth considering.
Terry Ryder is the founder of <a href="https://www.hotspotting.com.au/" target="_blank">hotspotting.com.au</a>. You can <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email him</a> or follow him on <a href="https://twitter.com/hotspotting" target="_blank">Twitter.</a>
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terryryder-YECXbqmri2

Tasmanian property market worth considering: Terry Ryder

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Tasmania is a fine example of the adage that it’s easy to get a bad reputation but very hard to lose it. 
The days of Tasmania being the basket case economy of Australia are gone, as are the days when investors steered clear of Hobart as a place offering no growth.
I’ve been advocating the merits of investing in Hobart for the past 18 months or so, based on the marked improvement in the state economy and the status of Hobart as the capital city with the lowest prices, tightest vacancies and highest rental yields.
Hotspotting’s regular research into sales activity has noted the rise in sales volumes in Hobart (and also in Launceston and Devonport) this year.
I’ve felt a bit like a voice in the wilderness, given that Hobart and Tasmania is a pretty hard sell. It’s very hard to shift entrenched attitudes, particularly as your average punter isn’t terribly well informed.
So how refreshing to see the latest research-based report from Simon Pressley of Propertyology. 
He says: “Hobart is Propertyology’s tip to be Australia’s best-performed capital city property market in 2017."
“An under-rated 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 first-hand price growth of 8 to 10 per cent over the past 12 months. We can only see buyer activity further intensifying and forcing stronger growth over the next couple of years.”
And Pressley makes this forecast for next year: “On an all-things-being-equal basis, double-digit price growth is well and truly on the cards for Hobart in 2017.”
He says the significant retraction in properties listed for sale has made it increasingly difficult for our buyer’s agents to find suitable properties for 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.”
All this is happening on the back of improving economic performance. There is now a long list of reports from name brands which have noted the improvement in the underlying fundamentals.
The latest to confirm that view is CommSec’s State of the States report, which notes Tasmania’s population growth is the fastest in five years and the state no longer ranks last overall. 
“Tasmania has improved from 8th to 7th on the rankings,” it says. “Tasmania is 4th ranked on two indicators and 5th on three indicators. Annual growth on home lending is the strongest in the nation at 10.3%. Both home loans and home prices are lifting.”
State Treasurer Peter Gutwein says the report card is the best in five years. “But there is still a long way to go,” he says. He’s right, but a significant turnaround has been achieved already.
Another positive indicator for Tasmania is the level of infrastructure and construction work. The Deloitte Access Economics Investment Monitor report says: “The value of Tasmanian engineering projects under way has stayed well above $1 billion and there’s just under $1 billion worth of planned projects in the pipeline.”
The biggest under way is the $535 million Midland Hwy update. Work worth $239 million is ongoing on the freight rail revitalisation statewide and there is a $40 million extension of the Hobart Airport runway. The report says commercial building is also “coming along well,” with $1.5 billion worth of projects under way and a similar pipeline of planned work.
“The $689 million Royal Hobart Hospital project is still the largest project,” it says. “Planned work has been boosted, with University of Tasmania plans to move its science-technology-engineering building to Hobart’s CBD, at a cost of $400 million.”
The value of projects under way is up 27 percent to $2.9 billion. Adding planned projects, the total is $4.98 billion.
Tourism is big for Tasmania, with strong results for 2015-16. For the first time Tasmania had over one million interstate visitors, who spent $2 billion. Airline capacity rose by 173,658 new seats between the state’s two main airports and Melbourne, Sydney and Brisbane. TT-Line ran 33 extra day sailings over peak season, with visitors arriving on Spirit of Tasmania growing 17 percent.
In the 2015-16 summer, there were 59 cruise ship port calls in Tasmania — delivering 163,328 passengers and crew. Big growth in cruise ship visits is forecast for the next two seasons. The tourism industry supports 36,700 jobs or 15.3 percent of total jobs, and contributes $2.55 billion to the economy (10 percent of gross state product).
All of that provides a solid foundation on which real estate can continue to grow in Hobart, Launceston and Devonport.
Terry Ryder is the founder of <a href="https://www.hotspotting.com.au/" target="_blank">hotspotting.com.au</a>. You can <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email him</a> or follow him on <a href="https://twitter.com/hotspotting" target="_blank">Twitter.</a>
 
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Solid foundations for real estate growth in Hobart, Launceston and Devonport

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Most property-watchers are aware of the Tasmanian property boom, with attention focused on Hobart as the national leader for capital city price growth, for suburbs with the shortest time-on-market and for the nation’s lowest vacancy rates.
But there’s more to the Tassie story than Hobart. The second city Launceston is also thriving.
Launceston has seen good price growth in the last 12 months, with double-digit increases in the median house prices of several suburbs. This market also features vacancies below 2% and strong rental yields above 5.5%. 
And the future looks strong, starting with the underlying economy – always pivotal in the fortunes of property markets.
The Launceston City Deal, financially supported by all three levels of Government, has secured Launceston’s future as a “University Town”. 
Under the plan, Launceston will be the recipient of serious spending on infrastructure for industries such as education, construction, the Defence Force, transport and forestry. Launceston General Hospital is being upgraded, new industrial estates are emerging and new housing estates are opening up. 
In the 2016 Census, the population of Launceston was 81,000. Other reports suggest around 100,000 live in and around Launceston. 
It is one of Australia’s oldest cities and is home to many historic buildings, including the General Post Office. It’s the commercial hub for northern Tasmania’s agricultural and pastoral activities which, in recent years, have evolved from the growing of apples to viticulture. 
Wool is also an important industry while $130 million has been spent on the Meander Dam and irrigation infrastructure to support the agricultural sector. 
Launceston has a diverse range of industries, including manufacturing, minerals and resources, commercial shipping, tourism and educational facilities. 
Human pharmaceuticals manufacturing earns the region about $130 million each year. Tasmanian Alkaloids, located near Westbury, is the largest exporter of opiates from which codeine and morphine are derived. The company employs 200 local people. 
Premium beer drinkers will be familiar with the name James Boag. The Brewery employs around 150 and produces 76,000,000 litres of beer annually. 
Manufacturing makes the largest contribution to the local economy, earning over $1 billion per year. George Town Seafoods announced in April 2016 that it will double production at its processing facility. The business employs 70 people in peak production periods. 
The Bell Bay Aluminium smelter, about 45km from Launceston, is one of the state’s biggest employers claiming 1,500 direct and indirect jobs. 
Tourism employs 2,500 and is worth $340 million a year to the local economy. Around 1.29 million passengers used Launceston airport in 2015, and following a redevelopment completed in mid- 2016, the airport expects to cater for two million passengers each year by 2030. 
Numerous wineries operate along the Tamar Valley which produces about 40% of Tasmania’s premium wines. Another main attraction is Cataract Gorge, home to the longest single span chairlift in the world while Launceston is often called the ‘Garden City’ because of its many parklands. 
Launceston Airport offers regular flights to Melbourne (where travellers can connect with international flights), Sydney and Brisbane. 
Launceston is now one of the leading property markets in regional Australia, attracting mainland investors. The city features prominently in The Price Predictor Index published by hotspotting.com.au, as it has several suburbs with growing sales activity, while the nearby West Tamar LGA also has growth markets. 
Affordable Invermay (median house price $248,000) typifies the growth in this region, the number of annual sales leaping from 64 in 2017 to 99 early in 2018. 
The increased sales activity has delivered a median price rise of 8% in the last 12 months. 
On the other side of the North Esk River, the inner- city of Launceston has seen the median house price grow 23%, resulting in a median price of $449,000. 
The median house price in Newstead, another inner- city suburb with 121 annual sales, has risen 13% to $365,000, while Norwood is up 13% to $348,000. Further out, the median house price in Hadspen is $315,000 following a 14% rise in 12 months. 
Interstate buyers have become common, attracted by the state’s affordability, combined with positive developments in the city. 
Agents have reported that about 30% of buyers in Launceston hail from Sydney - and many intend to move to Launceston rather than buying for investment purposes. 
 
Terry Ryder is the founder of hotspotting.com.au
<a href="https://mailto:ryder@hotspotting.com.au">ryder@hotspotting.com.au</a>
twitter.com/hotspotting
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More to Tasmania than Hobart as Launceston also thrives: Terry Ryder

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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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j.ballantyne1990-6AQqhLzZaK

Hobart first home buyers in recovery stage: QBE Housing Outlook

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EXPERT OBSERVER
Hobart and Tasmania are national leaders on price growth – although analysis of the latest sales activity data suggests the market has passed its peak after two years of strong growth.
In terms of annual price growth, Tasmania remains the undisputed champion of Australia. Nine out of ten locations across the state have increased their median prices in the past year – and many of them have recorded double-digit growth.
Hotspotting has analysed house price data for 76 suburbs and towns in Tasmania: 69 of them (91%) have recorded growth in their median house prices in the past year. Of the 69 house markets with price growth, 56 have increased by more than 5%, including 35 which have risen 10% or more.
Only 9% of Tasmanian house markets have experienced decreases in median prices – and only one location has dropped by more than 5%.
In the Hobart metropolitan area, the suburbs of Austins Ferry, Chigwell, Gagebrok and Risdon Vale have all increased between 20% and 25% in the past 12 months.
In Launceston, price uplift has been led by East Launceston (17%), Newnham (12%), South Launceston (16%), Summerhill (12%) and West Launceston (12%). 
In other parts of regional Tasmania, Scottsdale and Upper Burnie have both recorded 15% rises in their median house prices.
There are also examples of exceptional growth in unit markets, where 81% of locations have rising prices.
Growth markets for apartments in Hobart include Bellerive (16%), Claremont (19%), Glenorchy (16%), New Town (18%) and West Moonah (20%) – but the highly-rated suburb of Lindisfarne is the standout, with its median apartment price rising 32% to $445,000, based on 45 sales in the past 12 months.
In Launceston, there have been 25-26% rises in median unit prices in Newnham and Prospect Vale.
Strong though those results are, they are a little less spectacular than our findings three months ago. In that previous report we said: “In Hobart, we can find no suburbs with falling prices and none with minor growth. All have increased by more than 5% in the past 12 months – and 80% of them are up at least 10%. A key feature is most have recorded rises in the latest quarter, which indicates prices are still growing.”
So the current data represents a strong result, indeed the strongest anywhere in Australia, but not as strong as three months ago. This confirms our overall conclusion that markets in Hobart and Tasmania have passed the peak in their cycles and are gradually winding down.
The strongest evidence of this comes from our analysis of quarterly sales activity. We have classified 16 locations as rising markets, the lowest number in any quarter since late in 2016. 
The rise of markets in Hobart, Launceston and other parts of Tasmania began with a steady uplift in sales activity early in 2017 and we have seen strong sales activity since then, leading to nation-leading price growth.
But now sales volumes are subsiding and the number of plateau markets across the state is the highest since we began our quarterly surveys five years ago. Indeed, the number of plateau markets in Tasmania, quarter-by-quarter in the past two years, has been 17, 30, 39, 39, 40, 43, 46 and 54 – a clear pattern showing the increase in the number of locations where sales activity has passed its peak.
There are still suburbs with growth markets (measured by sales volumes) in both Hobart and Launceston. In the Hobart metropolitan area, suburbs that still have growth momentum include Berriedale, Bridgewater, Rokeby, Sorell, Old Beach, Margate and Howrah.
In Launceston, the suburbs that still have forward momentum include Mowbray, Prospect and Newnham.
Elsewhere in the state, growth markets include Cygnet in the Huon Valley south of Hobart, George Town in the north of the state near Launceston, Longford in the Northern Midlands, and Smithton in the Circular Head LGA in the far north-west.
While all the recent evidence suggests Hobart and Tasmania are gradually winding down from the peak of the cycle, the key question is whether recent positive events at a national level (election result, APRA changes, lower interest rates, tax cuts, etc) will re-ignite the state’s mini-boom.
We’ll know more three months from now.
Terry Ryder is the founder of hotspotting.com.au
<a href="https://mailto:ryder@hotspotting.com.au">ryder@hotspotting.com.au</a>
twitter.com/hotspotting
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Tasmania passes property market peak after two years of growth: Hotspotting's Terry Ryder

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EXPERT OBSERVER
The mini-boom in Hobart and Tasmania is well past its peak in terms of buyer demand, but the state remains the nation’s top performer on price growth in the past year. 
The quarter-by-quarter analysis of sales activity conducted by Hotspotting shows there are few growth markets remaining in Tasmania and we are now seeing the emergence of declining markets for the first time.
Our past three quarterly surveys of sales activity have found that the number of locations with growth momentum has fallen from 23 to 16 to 9. 
The peak of the up-cycle in Tasmania, measured by sales activity, was late in 2017 and there has been a gradual wind-down in activity since then.
But now Tasmania has as many locations classified as declining markets (9) as there are rising markets.
Prices remain buoyant however, although a little less so than three months ago. Our location-by-location analysis of prices shows that 86% of Tasmanian locations have median prices higher than a year ago.
This is down from 91% three months ago, but remains easily the best outcome in the nation. Most of the locations with rising prices have recorded annual growth above 5% and indeed most have had double-digit increases. 
There are only 12 locations across the state of Tasmania with median prices lower than a year ago.
Launceston is the state’s strongest market: it still has three suburbs classified as rising markets – Mowbray, Newnham and South Launceston. Quarterly sales in Mowbray have been 21-23-29-34 and its median price is up 7% to $260,000.
There are 13 suburbs with steady sales performance (suburbs notable for their consistent sales performance include Youngtown, Riverside and Newstead) and none classified as declining markets. 
Suburbs with good annual growth in their median house prices include Newnham (8%), Newstead (11%), Ravenswood (13%) and several others which are up 6-7%.
In the suburb of Launceston, the median apartment price has risen 24% to $400,000 in the past year.
There are still some rising suburbs throughout the Hobert metro area – including Howrah, Margate, Rokeby and Sorell.
Howrah features in our National Top 50 list of Supercharged Suburbs in the Spring edition of The Price Predictor Index, with quarterly sales of 41-46-50-52-58. Its median house price is up 8% to $535,000 and its median apartment price has risen 12% to $415,000 in the past 12 months.
Generally, the Hobart metro area remains steady and suburbs like Moonah and West Hobart make our National Top 50 list of Consistent Suburbs in The Price Predictor Index.
Most locations have median prices well up on the levels of 12 months earlier. Locations with strong annual price growth include Austins Ferry (17%), Lauderdale (21%), Oakdowns (22%), Risdon Vale (18%) and Warrane (15%).
But the Hobart area now has locations classified as declining markets, including Chigwell, Gagebrook and Midway Point.
There are struggling markets elsewhere in the state, notably the West Coast where Queenstown, Zeehan and Rosebery remain classified as declining or danger markets. There’s also mounting evidence of decline in the Burnie market.
At the other end of the scale, regional towns with big price rises include Huonville (15%), Perth (14%), Smithton (23%), East Devonport (16%), Longford (12%) and George Town (12%).
In the Dorset LGA, both Scottsdale (17%) and Bridport (15%) have had strong growth in their median prices. 
Terry Ryder is the founder of hotspotting.com.au
<a href="https://mailto:ryder@hotspotting.com.au">ryder@hotspotting.com.au</a>
twitter.com/hotspotting
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Tasmania real estate past its peak, but still Australia's top performer: Hotspotting's Terry Ryder

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Much has been written on Hobart’s market, now one of the strongest among the capital cities - but there’s more to the Tasmanian real estate up-cycle than the capital city.
Launceston also has a strong market and is now one of the leading markets in regional Australia.
Several Launceston suburbs have recorded double-digit median price growth in the past 12 months.
Launceston (the suburb within the city of the same name) recorded 16% growth in its median house price, Newstead rose 17%, Mayfield 11%, Mowbray 9% and Prospect Vale 8%.
There were some spectacular growth numbers in the city’s unit market as well, but median price data for units can be distorted and misleading. The median unit price for East Launceston is up 28%, but it’s unlikely values have risen to that degree.
The figures suggest the stock shortage seen in Hobart is also evident in Launceston. In January there were 1,900 listings for the Launceston area on realestate.com.au, but a recent check shows just 1,350 homes for sale.
Launceston prices have risen on the back of increases in sales activity, as revealed by the Spring survey for The Price Predictor Index by Hotspotting.
Launceston has eight suburbs with growth markets, while the nearby West Tamar LGA has three.
Affordable Invermay (median house price $230,000) is an example of the rising activity in this region. Its sales levels have grown from 19 to 22 to 24 to 29 to 34 to 37 in the past six quarters.
Launceston is a substantial regional city with a population around 80,000 and one with many historical features.
It’s the commercial hub for northern Tasmania’s agricultural and pastoral activities which, in recent years, have evolved from the growing of apples to viticulture.
Wool is also an important industry while $130 million has been spent on the Meander Dam and irrigation infrastructure to support the agricultural sector, according to the Meander Valley Council.
But agriculture and history are not the only parts of Launceston’s character - it has a diverse range of industries, including manufacturing, minerals and resources, commercial shipping, tourism and educational facilities.
Pharmaceuticals manufacturing earns the region about $130 million each year. Tasmanian Alkaloids, located near Westbury, is the largest exporter of thebaine and oripavine (both opiates from which codeine and morphine are derived) used in the world.
The company employs 200 local people including scientists and engineers, while about 500 Tasmanian farmers are contracted to produce 50% of the world’s licit opiate supply.
With the signing in April of the Launceston City Deal by the Federal Government, State Government and City of Launceston, the city’s future prospects have strengthened.
The five-year plan will ensure investment in serious infrastructure, the headline act being the $260 million redevelopment and relocation of University of Tasmania’s main Launceston campus to Inveresk.
The new campus is projected to increase economic output in the local community by $360 million a year over 10 years, with an estimated direct and indirect economic impact of $965 million during the construction phase.
It is projected to create 2,760 jobs, including 430 jobs during construction. It will provide the capacity to grow student participation by 10,000 students by 2030, including 1,500 international students, and will eventually house 16,000 students, researchers and staff.
Against that backdrop, interest in Launceston real estate from interstate investors is rising – and with it, house prices.
Terry Ryder is the founder of <a href="https://www.hotspotting.com.au/" target="_blank">hotspotting.com.au</a>. You can <a href="mailto:%20%3Cscript%20type='text/javascript'%3E%20%3C!--%20var%20prefix%20=%20'ma'%20+%20'il'%20+%20'to';%20var%20path%20=%20'hr'%20+%20'ef'%20+%20'=';%20var%20addy38821%20=%20'ryder'%20+%20'@';%20addy38821%20=%20addy38821%20+%20'hotspotting'%20+%20'.'%20+%20'com'%20+%20'.'%20+%20'au';%20document.write('%3Ca%20'%20+%20path%20+%20'/''%20+%20prefix%20+%20':'%20+%20addy38821%20+%20'/'%3E');%20document.write(addy38821);%20document.write('%3C//a%3E');%20//--%3E/n%20%3C/script%3E%3Cscript%20type='text/javascript'" target="_blank">email him</a> or follow him on <a href="https://twitter.com/hotspotting" target="_blank">Twitter.</a>
 
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More to the Tasmanian real estate up-cycle than Hobart

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EXPERT OBSERVER
The property markets of Hobart and Tasmania lead the nation. Homes sell faster here than anywhere else in Australia and there are locations with double-digit annual price growth throughout the state. 
The key drivers are a strong state economy and affordable prices. Research from realestate.com.au indicates that buyers out of Melbourne are providing a lot of impetus to Tasmanian markets.
The number of growth locations (those where demand, as measured by sales volumes, is rising), is lower than the peak but remains strong and steady.
The outstanding feature of Tasmania’s markets is the strength of prices. Virtually every location of substance across the state has recorded annual price growth above 5% in the past year, and most have delivered better than 10%. It’s almost impossible to find a market where the median price has dropped – and in this regard Tasmania is probably unique in Australia. 
In conducting our quarterly location-by-location research on demand levels across Australia, Hotspotting also examines patterns with prices. We record suburbs and towns where the median price has increased more than 5% in the past year, those which have grown between 1% and 5%, and those where prices have declined more than 5%. (We disregard locations with fewer than 30 annual sales, because the sales sample is too small to provide accurate and meaningful price trends.)
In Hobart, we can find no suburbs with falling prices and none with minor growth. All have increased by more than 5% in the past 12 months – and 80% of them are up at least 10%. A key feature is most have recorded rises in the latest quarter, which indicates prices are still growing.
The standout markets have grown more than 20%, including the house markets in Bellerive (21%), Carlton (22%), Gagebrook (22%), Howrah (23%), Moonah (20%), Risdon Vale (26%) and Warrane (21%)
The Bellerive and West Moonah unit markets are both up 29%.
But the leading markets on price growth are Clarendon Vale houses and Lindisfarne units, both up 32%.
A standout precinct in the Hobart metro area is the Clarence LGA, where Bellerive, Clarendon Vale, Geilston Bay, Howrah, Lauderdale, Lindisfarne, Oakdowns, Risdon Vale, Rokeby and Warrane have all recorded double-digit growth in their median prices.
Our Autumn survey for The Price Predictor Index, like the previous Summer survey, provides further evidence that the Hobart market is beyond its peak in terms of sales demand. In early 2018 we saw the first hint of a moderation in sales activity in Hobart and this was confirmed by later reports. But the drop in demand has been gradual, there are still growth markets, and prices continue to rise.
The Clarence, Glenorchy, Kingborough and Sorell LGAs all have growth suburbs, but they are outnumbered by plateau markets (those where sales demand has settled on solid levels but below the peak). 
The suburb of Rokeby in the Clarence LGA has recorded quarterly sales of 17, 22, 22, 26 and 29 – and its median price has risen 12% to $285,000 in the past 12 months. 
The Brighton LGA on the northern fringe of Hobart is a growth market, both in terms of rising demand and rising prices. In the suburb of Bridgewater, quarterly sales have been 14, 15, 22, 18, 26, 34 and 31 – and the median house price has increased 15% to $235,000 in the past year.
It’s clear from these figures that the locations with the strongest growth dynamics are mainly the ones that offer affordability.
Regional Tasmania is further back in the cycle than Hobart and continues to show strong activity and rising prices. 
Launceston and neighbouring LGAs like West Tamar and Meander Valley have multiple suburbs with rising demand, including Kings Meadows, Norwood, Prospect, South Launceston, Waverley, Hadspen and Riverside. 
This precinct is also delivering rising prices. Suburbs with double-digit annual growth in house prices include Hadspen, Invermay, Kings Meadow, Mowbray, Newnham, Prospect, Ravenswood, South Launceston, Summerhill, Waverley and West Launceston. Two unit markets with notable growth include Newnham (up 27% to $220,000) and Riverside (up 27% to $325,000).
Many of these suburbs have median house prices below $300,000 and others are in the mid low-$300,000s, continuing the state-wide theme of growth in affordable markets. 
But the Tasmanian location with the strongest growth is the town of Richmond, about 25km north-east of Hobart. Its median house price is up 44% to $630,000, but based on a smallish sample of 34 sales in the past year.
Another town just outside Hobart which is doing well is New Norfolk. Sales demand is rising here and median prices are up 18% to $245,000 for houses and 12% to $225,000 for units. 
Terry Ryder is the founder of hotspotting.com.au
<a href="https://mailto:ryder@hotspotting.com.au">ryder@hotspotting.com.au</a>
twitter.com/hotspotting
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