What Buyers Want In Launceston Right Now
Two groups of property buyers are driving the Launceston property market right now and they’re looking for two entirely different types of real estate.
We look at what properties are in demand and why buyers want them so badly – as well as what it means for you if you’re looking to buy or sell.
High demand property 1: The low maintenance single-level home
What is it? Quality single-storey properties close to the centre of Launceston are in exceptionally high demand. This is especially true if they have three or four bedrooms and are either brand new or have been recently renovated to a high standard.
Who’s looking for it? Retirees and people nearing the end of their working life. These buyers usually want more space than an apartment offers but they don’t want the stairs associated with living in a townhouse. Depending on the property, you might also expect to find increased competition from young families upgrading from their first home.
What’s driving their decision making? Retirees and pre-retirees are often moving out of large two-storey homes and they’re not always ready to “downsize”. They’d like room for the children and grandchildren to be able to stay, especially if they’re coming from interstate. But even if they’re already based here in Launceston they’re usually leaving the family home for two reasons: the stairs are starting to become an issue and they’re spending too much of their precious time on maintaining their property.
What matters most is that the house is accessible and that it’s low maintenance. For this reason, they have little tolerance for doing any renovation work – they’re looking to buy the finished package. They also want a lot of storage and often prize parking for a caravan or boat.
What price range are they looking in? While budgets can vary, generally these buyers are paying between $450,000 and $750,000. For that, they’d expect a quality, well-appointed home in a good area such as Riverside or Newstead.
What you need to know as a buyer or seller: If you have a single storey home but it’s a bit dated, you may be best off renovating before you list if you want to attract this market. Alternatively, if you’re a buyer looking for property in this category you may be able to beat off competition and save yourself money simply by being prepared to buy a home that needs work. After all, it’s likely to be only a short period of pain for long term gain.
Some examples of homes that fit this category
2/5 Que Court, Riverside: This accessible, open plan home offered a lock-up lifestyle and spectacular views across the Tamar River. It also featured European appliances, a double garage with internal access, master suite with walk-in robe and a separate wing for guests with two extra bedrooms. There was also tonnes of storage space. It sold for $580,000.
16/11 Walcorm Court, Riverside: Another level home with spectacular views, this property was built to an exceptional standard and provided retirees with the ultimate in a high-end lifestyle. It had privacy, storage and a separate caravan parking space as well as three bedrooms and two living areas. It sold for $645,000.
2/10a Treffos Street, Newstead: Tucked away in a quiet cul-de-sac, this bespoke light-filled property was newly built and within walking distance to cafes and shops, including the Newstead Shopping Centre. It sold for $585,000.
High demand property 2: The acreage
What is it? Small rural landholdings of between five and 15 hectares situated anywhere less than a half-hour (30km-40km) commute from Launceston.
Who’s looking for it? Usually young families or couples looking for a more sustainable lifestyle. Many have professional or skilled jobs in and around Launceston but want to raise the kids in a more rural setting. Others are commuters to Melbourne or Sydney, who work from home much of the time.
What’s driving their decision making? Many of these buyers want enough space to run a few sheep or cattle or plant fruit trees but their budget and time commitments don’t lend themselves to running a full-sized farm. They want to be within striking distance of Launceston for education, work and transport (especially the airport if they’re commuting interstate).
What price range are they looking in? Many of these buyers expect to pay under $550,000. However, some professional couples are prepared to spend significantly more – especially if it means getting a larger landholding or more luxurious home or a closer commute to town.
What you need to know as a buyer or seller: If you’re selling, it pays to know these buyers are often prepared to put in a bit of work to get their home the way they want it, so you may find renovating before selling is overcapitalising on your investment. If you’re buying, be prepared to put in the legwork to find a property that suits your needs and act decisively when you find one.
Some examples of homes that fit this category:
620 Brown Mountain Road, Underwood: This 17-hectare/42-acre property consisted of rolling paddocks and native bushland, as well as an established garden with fruit trees. The three-bedroom home was renovated and there was also a separate cottage that the owners leased out on AirBNB. Twenty minutes drive from Launceston and five minutes from Lilydale, it sold for $570,000.
927 Ecclestone Road, Riverside: A great example of what a bigger budget can buy, this four-bedroom, three-bathroom home sat on 55 hectares/135 acres of land in Riverside, just 15 minutes drive from the centre of Launceston. Featuring two dams, its own hiking or bike trails, a tennis court and native gardens, it also had a separate two-bedroom self-contained unit, machinery shed and double-storey workshop. A true one-of-a-kind property, it sold for $940,000.
If you’re looking to buy or sell in Launceston or Northern Tasmania contact my team today.