news, local-news, real estate launceston, property tasmania
Launceston is on the edge of a real estate boom, as investors and interstate buyers move to snap up a piece of the city. The latest figures from the Real Estate Institute of Tasmania show that, in 2016, Launceston had its best year for transactions since 2009. The average house in Launceston sold for $279,750, an increase of 0.2 per cent on this time last year. Institute state president Tony Collidge said prices were likely to increase steadily throughout the next 12 months. “I suspect prices could be as much as 10 per cent higher than they are now,” Mr Collidge said. He said the price increase was driven by an increased demand from buyers, and a shortage of stock. Launceston is particularly attractive to interstate buyers, snapping up 28 per cent of sales in January, compared to 16 per cent in Hobart. Mr Collidge said Launceston had retained its title of investment capital of Tasmania, with 32 per cent of the month’s sales going to investors. Institute northern branch president Michael Walsh said the market was starting to trend upwards, after being mostly stagnant since 2009. “We just haven’t seen this level of interest certainly for quite some time,” Mr Walsh said. He credited the state’s affordability, combined with positive developments in the city such as the University of Tasmania campus relocation, as drivers of interest in Launceston. Treasurer Peter Gutwein said the price increase was “another clear sign of the strength and confidence” in the economy.
Launceston is on the edge of a real estate boom, as investors and interstate buyers move to snap up a piece of the city.
The latest figures from the Real Estate Institute of Tasmania show that, in 2016, Launceston had its best year for transactions since 2009.
The average house in Launceston sold for $279,750, an increase of 0.2 per cent on this time last year.
Institute state president Tony Collidge said prices were likely to increase steadily throughout the next 12 months.
“I suspect prices could be as much as 10 per cent higher than they are now,” Mr Collidge said.
He said the price increase was driven by an increased demand from buyers, and a shortage of stock.
Launceston is particularly attractive to interstate buyers, snapping up 28 per cent of sales in January, compared to 16 per cent in Hobart.
Mr Collidge said Launceston had retained its title of investment capital of Tasmania, with 32 per cent of the month’s sales going to investors.
Institute northern branch president Michael Walsh said the market was starting to trend upwards, after being mostly stagnant since 2009.
“We just haven’t seen this level of interest certainly for quite some time,” Mr Walsh said.
He credited the state’s affordability, combined with positive developments in the city such as the University of Tasmania campus relocation, as drivers of interest in Launceston. Treasurer Peter Gutwein said the price increase was “another clear sign of the strength and confidence” in the economy.
Follow us
Ad blocker issue
Your ad blocker may be preventing you from
being able to log in or subscribe.
