New home lot surge
MORE than 100 housing lots are set to be released in subdivisions in New Norfolk and Sorell as eager home builders snap up anything that comes on to the market
A 65-lot estate in Main Rd and Forcett St, Sorell has gone to the local council for approval.
Land in another 51-lot subdivision in Back River Rd at New Norfolk should be up for grabs soon with developers applying for a planning permit.
There are also two smaller subdivisions planned for Brighton – one with three lots in Lachlan Court and another 12 lots in Scott Rd at Bridgewater.
The price difference in a plot of land outside Hobart and those closer to the city is stark. A lot on the Grange Estate at Kempton – about 45 minutes from Hobart – will cost about $150,000.
Lots at a beachside auction at Blackmans Bay last weekend were fetching six times that amount.
Newly elected Real Estate Institute of Tasmania president Michael Walsh said the land rush was set to continue.
“It is a shortage of properties which is behind the real estate surge and new land for new builds will ease that pressure,” Mr Walsh said.
“Any land release is good for the market. Sorell badly needs development because you can only spread out so far in the city. That applies in Launceston as well.
“Not everyone is going to build due to the time it can take and the pressure on builders right now but it seems many potential new homeowners do, with what we have been seeing lately.
“And I can’t see anything that would drag the market back in the foreseeable future.”
On Saturday, highly sought after blocks of land at Blackmans Bay attracted very strong bidding and raised more than $5m for affordable housing.
Seven lots at Maryknoll went under the hammer and more than 100 people turned up for the auction. One block was sold for more than $900,000.
The developers behind an 80-lot subdivision at nearby Kingston sold all blocks 12 months ahead of schedule as downsizers, first-home buyers and mainland investors dived in to secure plots. A freestanding house-and-land package there cost about $875,000.
Cordell Connect shows there are more than 40 subdivisions with lots available right across Tasmania. Most are only two or three lots but some, like stage seven of Derwent Shores, has 19 lots available.