Real es­tate in boom cy­cle

The Gazette (Derwent Valley) - - NEWS - SHAUN McMANUS

A FOR­MER com­pet­i­tive cy­clist and cur­rent real es­tate agent ex­pects the May­dena prop­erty boom to get one fi­nal kick in the com­ing months as the May­dena Bike Park pre­pares to open.

LJ Hooker sales con­sul­tant Adam Richards, who has sold a num­ber of houses at the town, said May­dena had ex­pe­ri­enced rapid growth in its prop­erty mar­ket in the past 12 months.

Mr Richards was also a com­pet­i­tive road cy­clist in Dar­win, and be­lieves the May­dena Bike Park, along with rapid growth in tourist in­fra­struc­ture and visi­ta­tion at nearby Mt Field Na­tional Park, is be­hind the boom.

“In 2016, there were only nine sales at an av­er­age sale price of less than $79,000,” Mr Richards said.

“Last year, there were over 25 sales ... and the av­er­age price was get­ting up to­wards $200,000.”

The May­dena Bike Park, which is set to open on Jan­uary 26, will in­clude a labyrinth of bike tracks on Ab­botts Peak us­ing the $7 mil­lion Ea­gles Eyrie and the dis­used May­dena Pri­mary School.

Mr Richards said most of the houses sold re­cently were pur­chased by in­ter­state buy­ers look­ing to take ad­van­tage of the im­mi­nent need for ac­com­mo­da­tion in the town.

“A lot of them are from the main­land and they do want to Airbnb them,” he said.

He ex­pects the mar­ket to have an­other kick in the com­ing months.

“I think the mar­ket has flat­tened out now, it will have an­other lit­tle kick in Fe­bru­ary, March, April, and then it will prob­a­bly flat­ten out again, that will be it,” Mr Richards said.

“Like what hap­pened in Derby, it peaked a lit­tle af­ter the bike park opened up and it’s flat­tened out now.”

Der­went Val­ley Real Es­tate New Nor­folk sales man­ager and di­rec­tor Faye Wind­sor has seen rapid growth in sale in May­dena, and also at­tributes the change to the im­pend­ing open­ing of the May­dena Bike Park.

“We’ve sold far more prop­er­ties there in the last 12 months than we have in the last five years,” Ms Wind­sor said.

Ms Wind­sor said it was great to see the town “com­ing to life again.”

“It’s been very de­pressed for quite a few years since the forestry and the tim­ber in­dus­try moved out, so it’s just great to see that it’s com­ing back alive,” Ms Wind­sor said.

“It should be good for all the sur­round­ing towns as well, es­pe­cially New Nor­folk, [it will] bring more peo­ple through give them more ap­pre­ci­a­tion of our area, I think.”

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