North East real estate agent Justin Wiggins, from Aqua Real Estate, said he has signed five contracts for properties in Derby and surrounds in the last fortnight alone.

Mr Wiggins said interest in Derby has boomed since the installation of the mountain bike trails and the announcement of the Enduro World Series, to be held in April.

“A vacant block [was] selling for around anywhere to $12-18,000,” Mr Wiggins said.

“Now they’re selling for $60-70,000.”

Mr Wiggins said while some purchasers are looking for a permanent residence and the opportunity to build businesses in the region, most are purchasing for investment.

Harcourts North East manager Andrew Bennett agreed, noting that while he hadn’t sold as many properties in the region, most properties he had sold were to people interested in running overnight accommodation or AirBnB-style businesses.

Mr Bennett said the dramatic shift from a quiet country town to a tourism-centric model had changed the “backbone” of the community.

However, he said the change was something to be faced rather than feared.

“You’ve got to be positive about it, anything like this is good for the area,” Mr Bennett said.

“It’s just been so long since anything like this has happened up there.”

Mr Wiggins likewise noted that the increase in sales translated to business for tradesmen and other small businesses across the region.

The interest in property extends out across the North East, with both agents selling across Weldborough and Branxholm.

Both agents noted the severe shortage of properties for sale compared to demand across the North East.

The Real Estate Institute of Tasmania’s December quarterly figures show that 2016 recorded the highest number of property sales int he past seven years, with the accumulated value exceeding the record set in 2009.

“Whilst there remains a shortage of properties for sale and to rent [across Tasmania], prices will continue to increase as demand dictates,” REIT president Tony Collidge said.