Tasmania Property Market Update August 2019
Hobart/Launceston Property Updates
What are home buyers looking for in our market? The obvious answer is a house! However, we have found that over the past few years some different segments of the market (such as first home buyers or retirees) are forming sub-segments and can be broken down a bit more. Some groupings are as follows:
First Home Buyers
Our young future leaders are eager to step onto the property ladder.
Firstly, we have those who want to take advantage of the $20,000 government grant available for new homes. In Hobart, these buyers will drift to middle and outer ring suburbs such as Austins Ferry, Old Beach, Brighton, Oakdowns and Kingston simply because that is where land is affordable. In the north, Legana, St Leonards and Kings Meadows would be the go-to regions. Despite the popular opinion of our younger generation, many are not building the McMansion, although they are typically building larger homes than what they grew up in, with three or four bedrooms, two bathrooms and a double garage.
Secondly, in this grouping are those buying an established home. These buyers typically are looking at post-war dwellings with a more modest three bedrooms, one bathroom and a garage or carport. Suburbs such as Claremont and Rosetta in the south and Summerhill and Youngtown in the north are good examples. The advantage of this approach is that housing is generally cheaper and the facilities within the estate or suburb are better.
This is the segment that is buying the forever home…. and they want the bells and whistles.
Typically, this grouping will buy for lifestyle (and to impress the friends a touch). While inner-city living with all the benefits of the cafe lifestyle remains very popular in both Hobart and Launceston (read established apartments buildings such as 1 Collins Street, Zero on Davey in Hobart and The Seabel and Seaport in Launceston) we also see people taking the 180-degree turn and heading to the city fringes for a little acreage, perhaps for a pony or pool. Suburbs such as Acton Park in the south and Relbia in the north remain in demand.
This grouping again can be split into two segments.
Firstly, we have those moving out of suburbia and heading to the inner city again, chasing ease of lifestyle and ready accessibility to facilities.
On the flip side, we have those cashing in the forever home and heading for a sea change. This grouping is heading to the coast, generally within an hour or so of the city (read family). Coastal towns such as Orford in the south and Bridport in the north are examples that have seen a population drift towards them.
Speak with a Hobart and a Launceston Mortgage Broker today.