Tasmania

The Smartline Report – May Edition

The month in review: Tasmania

By Herron Todd White
May 2015

In the not too distant past with the Tasmanian property market reaching historic capital value lows coupled with stagnated market activity, particularly within the residential prestige market, an expectation gap between vendors and purchasers was evident. With more recent buoyant global and local market economic conditions and business sentiment the expectation gap in the prestige market appears to have lessened as vendors have become more attuned to the market with slightly increased demand and sales volumes.

There have been many residential property sales over $1 million that have occurred in the south of Tasmania during the past year. A significant sale in North Hobart was Lyndhurst, a historic home that sold for $2.8 million located on a parcel of land just over 5,400 square metres within approximately two kilometres of the city centre. The building is heritage listed and described as a late Victorian style single storey mansion with extensive grounds. The home boasts a stone and cast iron verandah with a wide frontage and centre entry flanked by bay windows, Italianate entry steps and balustrades with later additions to either end of the building.

A notable recent sale in Launceston, in Tasmania’s north, was the penthouse apartment in The Charles which sold for $2.25 million. The Hotel Charles was completed in 2010 having been erected on the old Launceston General Hospital site. The Charles is an eight level building providing a mix of hotel, commercial and luxury apartment accommodation located on the fringes of Launceston’s Central Business District. Prior to its completion in 2010, The Charles was derelict and subject to vandalism. A Launceston developer retained a highly regarded local architect to design the project with a focus on sustainability by re-using parts of the original building and extending its footprint.

$600,000 plus will secure you a prestige property in the north-west. During the past twelve months two residential properties one located on Hawley Esplanade and the other in Devonport have achieved the most notable prices in the region. A price of $840,000 for a modern home on Hawley Esplanade indicates the popularity and prestige of Hawley Beach as a north-west weekender and holiday location. The top residential Devonport sale of $885,000 was for a renovated, historic home with many period features located on the desirable Victoria Parade which overlooks the mouth of the Mersey River.

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Please note that information in this publication is subject to change without notice. Smartline assumes no responsibility for any errors, omissions or mistakes in this document. © Smartline Home Loans P/L 1999 – 2015. Australian Credit Licence Number 385325

 

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