Mercury (Hobart) - Property

HOT BLOCKS

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IT took barely a fortnight for every block of land on Reardon Drive in Cygnet to sell last month.

Of the 16 blocks, 12 came to market with the owner/developer opting to hold back a handful for himself.

All but two of the buyers were Cygnet-based, a sign of the local demand for land that had been building in the past two years since a comparable subdivisio­n had come to market, Harcourts Huonville principal and selling agent Nick Bond said.

When he first started selling land in the area in 2002, blocks were priced between $20,000 and $30,000 a piece.

Reardon Drive blocks started from $225,000 based on recent comparable sales.

“There’s been pent-up demand just due to lack of supply of land in

Cygnet,” Mr Bond said.

“Our last subdivisio­n in Huonville was around Christmas time and prices were in the high $100,000s and low $200,000s.

“Huonville and Cygnet land tracks very similarly and we’d seen demand increasing this year.”

All buyers were investors and builders, Mr Bond said, many young local builders planning speculativ­e homes that would be sold as house and land packages.

The most sought-after blocks – rectangula­r in shape and ranging in size from 500sq m to 900sq m – sold for between $240,000 and $250,000.

“If I had another 20 of them I could sell them all next week,” Mr Bond said.

It’s a different propositio­n for the five lifestyle acreages released as part of Harvey’s Hill Estate, the third and final release between Deep Bay and Abels Bay.

Ranging from 12ha to 81ha and zoned rural resource with a $400,000 to $500,000-plus price point, they’re expected to attract a mainland market.

“They have views of Port Cygnet, a nice aspect and a mixture of clear land and bush which makes them a little unique,” Mr Bond said.

“It’s a sealed road and powered subdivisio­n with rural land, which isn’t all that common.

“For this kind of land most interest comes from interstate or Hobart.

“We tend to see that generally in the Valley.

“Interstate inquiry is strong on lifestyle properties but even though we’re seeing a strong amount of interest the actual percentage is still below pre-Covid levels.”

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