Tasmanian Excerpt From The 2017 October Market Report – Your Investment Property Magazine
Tourism sets the bar
Given Hobart’s affordability and excellent prospects, private firms are looking into capitalising on the its appeal now to add further value to the city.
“Keep an eye out for large capital projects such as The Fragrance Group’s $240m application to build two hotels, including the tallest building in Hobart at 210 meters,” says Josh Hart, director at One Agency Launceston.
“If approved, this will set a new precedent for Hobart and for future developments.
Mixed-use developments are helping to enhance the profile of Tassie cities outside Hobart as well.
“Developments for accommodation, retail and leisure known as The Silos and Penny Royal have boosted confidence in a city [Launceston] that is only a 45-minute flight from Melbourne,” Hart explains.
“For the savvy investor looking for a more aggressive opportunity, look out for short-term accommodation opportunities across Hobart and Launceston, with the shortage of quality hotel rooms.”
The University of Tasmania is also set to be relocated to Invermay on the outskirts of the Launceston CBD.
“This has made ‘in the know’ investors go into a tailspin securing property around the precinct, keen to attract students and faculty staff,” Hart explains.
These initiatives point to Launceston having much appeal for buyers in the near future. Over in Burnie, there are also plans to develop West Park as a technology and business hub.
*Note: Since this article was written two new major projects have been launched to the Launceston public. This includes the Gorge Hotel by the JAC Group and the Boland Street Cottage proposed redevelopment
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