Value for money is the biggest driver in Launceston's property market, according to a Domain economist.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
Real Estate Institute of Tasmania's December quarter summary showed Launceston house sales increased by 27.8 per cent in the last three months of 2018, a trend that does not surprise Domain economist Trent Wiltshire.
"Launceston is gaining buyer interest and has had pretty strong price growth over the past couple of years," Mr Wiltshire said.
"Value is the main factor - if you have a little bit less to spend you can get a bigger, or newer, house in Launceston. That may be influencing some buyers.
"I expect decent growth in the next year."
RELATED STORIES:
Buyers looking for a tree change, home to retire to, or who have a young family are the major groups looking at Launceston property, Mr Wiltshire said.
"The prospects for Launceston are looking better than they have been. Unemployment is highish, but it's looking better, the tourism boom and the work in the Launceston CBD might have an impact," he said.
"The prospects for Launceston are definitely better than most other cities."
The "Mona effect" often spoken about in reference to Hobart's boom looks to be heading North, which means Launceston, and other areas, will feel an impact in the future.
"There are signs to tourism boom might be spreading throughout the state. There's talk Mona has helped tourism in Hobart, but the signs are that it is filtering through to other regions," Mr Wiltshire said.
"Hobart has been booming from 2016, so people are looking elsewhere, such as Launceston, which has offered better value over the past few years."
While you're with us, did you know you can now sign up to receive breaking news updates direct to your inbox? Sign up here.