LOTS TO LOVE
LAUNCESTON is the place to be.
The message has come through in the latest Price Predictor Index from Hotspotting that highlighted the strength of the northern capital rather than Hobart.
Hotspotting director Terry Ryder named Launceston among the national Top 10 best performing municipalities and described it as the “standout market in the state” from “all perspectives”.
It is not to say the southern district does not have its moments, Howrah was dubbed one of
Australia’s most consistent markets, but the spotlight mostly remained on the north.
Terry’s research revealed six Launceston suburbs that — despite COVID-19 — have a trend of rising sales activity: Kings Meadows, Mowbray, Newstead, South Launceston, Waverley and Youngtown.
He said most of this group had median house prices below $350,000.
“Launceston and neighbouring areas also comprise a standout precinct for annual price growth,” he said.
“Waverley rose by 17 per cent and Youngtown by 18 per cent alongside Riverside, Invermay, Kings Meadow, Newnham and Trevallyn that each recorded double-digit annual growth in their median prices.”
Talk to Launceston agents and the property buzz in the city becomes clear. A trend to keep an eye on, the impending influx of interstate buyers.
In Situ Property owner Kristi Seymour said her business had experienced a large amount of inquiry from interstate people wanting to get to Tassie.
“We have been conducting FaceTime inspections and using 3D walk-through tours to assist those wanting to buy, but are unable to travel,” Kristi said.
“The general feeling is people are seeing Tasmania as a safe haven.”
She said there had been renewed interest in properties above the $1m mark, the majority from people relocating.
“Many properties we have available are selling within a week or so, often under multiple offer conditions,” she said.
One Agency Launceston director Josh Hart said if Tassie was to open its borders tomorrow, the effect on the market would be significant.
Josh said Victorian, NSW and Queensland buyers wanted to relocate and were busy making those plans for when the time was right.
“And it is not just retirees, people want to move there families here,” he said.
“They want to come and live in a more community orientated location.”
However, Josh said Greater Launceston currently had the lowest stock level that it had in 20 years.
“Rental prices have gone up significantly in the past 18 months, too,” he said.
“A lot of people now are thinking that rentals are strong, money is cheap and vacancy rates are low, so instead of selling our first home lets rent it and use the equity that we have built up to buy home No.2.”