Tasmania Property Market Update March 2020

The Tassie market is undergoing a change in buyer profile as mentioned in previous month in review articles.

Firstly, we are seeing a “sea change” effect as empty nesters are drifting from the larger population centres of Hobart, Launceston and Devonport to beach side centres. For Hobartians they are heading to places like Orford (just an hour from the city), Launcestonians to Bridport (one hour away) and to a lesser degree St Helens (1.5 hours drive). while those in Devonport are drifting to the Shearwater/Port Sorell/ Hawley Beach region (15 mins away).

Property prices in all these centres remain affordable. For example, there is currently a four-bedroom, one-bathroom house with pool being marketed in Orford at $555,000, in Bridport a three-bedroom, two-bathroom dwelling with water views on a 648 square metre lot is for $320,000 and in Port Sorell a modest two-bedroom, one-bathroom with double garage for just $240,000!

The other noticeable change to the buyer profile are the climate changers. These comprise buyers mainly from Queensland and Western Australia who are simply seeking to escape the heat! They typically comprise families or empty nesters. While there is some drift to the coast amongst this cohort most are heading to where the employment is; and that generally means Hobart or Launceston.