The north of Launceston represents the future of high-end residential development in the city, according to a local real estate figure.
On Monday, businessman Errol Stewart revealed that all 12 parties interested in buying apartments in his proposed Kings Wharf Towers development were from the local area - and Knight Frank partner Sam Woolcock said this didn't surprise him at all.
"There is a good amount of people that will want to live in that type of offering," he said of the apartments, which will start at $1.5 million.
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"There hasn't been a lot of [high-end] stock come on the market.
"But there are plenty of buyers in that $1 million - $1.2 million range; that would probably be the strongest sector in the high-end."
And Mr Woolcock believes more and more high-end residential developments will spring up close to the Tamar River (the Kings Wharf Towers are set to be located on Lindsay Street).
"That's probably where Launceston's residential market is going - closer to the river, closer to restaurants and easy access and shopping," Mr Woolcock said.
He listed the CH Smith complex, Peppers Silos Hotel, the Seaport and the Cataract Hotel as businesses and services that had transformed the north of the city.
"The residential market will tend to follow that development," Mr Woolcock said. "I think it would be a logical place for Launceston to go, particularly in the apartment market."
Mr Woolcock said Tasmanians in their late-60s and early-70s were increasingly looking at downsizing into "something that's high-end".
"You look at the level of buyers coming through with the capacity to pay in that range, they're probably all looking to have a low maintenance-type living," he said.
"Having a big property with big gardens and high maintenance is something that they're probably going to move out of and into something like Errol's development.
"And you've seen that happen in Hobart with the developments and projects that they've been doing down there."
Real Estate Institute of Tasmania president Mandy Welling said the property markets were humming in both the North and North-West.
"There's so much affordability in the North and the North-West in comparison to the South," she said. "And beautiful properties."
"And just the access to everything, like the airports and the services.
"It surprises me that it's taken the amount of time that it has for these areas to take off but I'm so grateful for the agents operating in those areas and the owners that it has."
Mr Stewart lodged a rezoning amendment for the proposed $50 million Kings Wharf Towers development with the City of Launceston last Wednesday.
The two 43-metre towers, situated 80 metres apart, will be built opposite the Silo Hotel, and each will contain 22 apartments.
A central building between the towers would feature an indoor pool and gym, as well as an office, which has already been sold.
Mr Stewart has said he believes the apartments in the south tower should all be sold by early next year, due to the extent of local interest so far.
"There's a good bit of wealth in Launceston," he said.