Real estate in boom cycle
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.”