APPLE OF MY EYE

House of the week.......................................................6, 7

Commercial....................................................... 54, 55, 56

Open homes.................................................................. 52

JARRAD BEVAN

ALL but sold out.

This was the message when the Mercury inquired about a new home and land offering on Hobart’s Eastern Shore. And the properties had only been on the market for about a week.

Orchard Hill Estate at Geilston Bay has “gone gangbusters”, says Harcourts Signature agent Jerome Thiessen.

At one time Geilston Bay was one of the Eastern Shore’s best kept secrets, but not any longer, he said.

“It was an amazing first week with 19 of the 22 homes sold and the balance heading that way, too,” Mr Thiessen said.

“There will be a second release down the track, 11 more homes, and with how popular these properties have been we might bring the time frame forward.

“We sold four on day one, five the next day, four on the third and it just kept rolling on.”

The project offered three unit styles in a range of configurations, each named after apples: jonagold, crofton and royal gala.

A mix of people from different buyer demographics picked up these three-bedroom two-bathroom properties, from retirees through to first-time buyers looking to break out of the rental cycle. There were investors and interstate buyers, too.

“While some of the sales are yet to be confirmed, the $500,000 price range was certainly attractive to buyers,” Mr Thiessen said.

“Price point and location were the main sale drivers. In the current market, a similar price can buy an established home but maybe 45 minutes out of town.

“Home values are flying at Geilston Bay, over 20 per cent higher in the past year.

“There’s lots going on here, a ton of development.

“It appears to be rising to a Lindisfarne level.

“At just 8km from the CBD, it’s really an inner city suburb, which appeals to a broad range of people.”

Mr Thiessen said a trend in the market among younger buyers was preferring to buy a home off the plan than embark on a renovation project.

And there is a major advantage to this way of thinking, he said.

“In a runaway train, constantly rising market, securing a home at today’s price is fantastic.

“Where prices will be in three months or six? Everyone expects they will be higher.”

The property is being developed by a local, award-winning family business, Richard and Anna Harris’ Anard Developments. Homes at Orchard Hill Estate are under due for completion in 2022.