Traditionally the dominant type of residential dwelling in Tasmania has been houses. As occurs in residential property markets over time, availability of land close to the heart of city centres becomes scarcer due to population pressures. One of the many responses to this pressure is to increase inner city housing density, often in the form of residential units. Tasmania’s population growth is much less dramatic than other states but in one area, the ageing population, it is exceeding the national average which is a likely contributing factor to demand for unit living. Developers have been capitalising on demand for units by achieving premium prices.
It could be said that unit sizes do appear to have become larger than those built in past decades but what is more interesting is that unit design, both internal and external has become smarter and more flexible lending itself to the appearance of space. Generally internal living areas are open plan in design offering flexibility, use of large windows in living areas to create a sense of space and efficient use of floor area such as the laundry cupboard. Externally more thought appears to be given to site placement of the dwellings on the plot (heavily influenced by the number of units in the development) to maximise the plot’s views and features, privacy or environmental benefits. The recently sold below units (at the upper end of the unit market) in the north of the state are good examples of thoughtful internal and external architectural design.
Positive locality attributes for unit dwellers include being close to the city centre, suburbs offering good facilities and public transport networks or nearby major employers such as hospitals and universities.
Unit sales that have occurred in the south during the past year include:
• A modern approximately 98 square metre unit in Moonah (about six kilometres north of Hobart’s city centre) for $340,000.
• A character, 136 square metre unit in North Hobart, located two kilometres from the city for $385,000.
• In Sandy Bay, just to the city’s south west, an 80 square metre modern unit for $415,000.
• To the east of the city in Bellerive a modern, 109 square metre unit for $438,000.
• In West Hobart, a turn of the century, 111 square metre unit for $515,000.
The most notable unit sale occurring in the south during this period was a 210 square metre penthouse apartment in Battery Point for $2.1 million.
Unit sales that have occurred during the past twelve months in the north reveal there is a broad range of units available in the market place. For example:
• An older style 70 square metre unit, located in a suburb on the fringe of Launceston sold for $150,000.
• A modern, 96 square metre unit in centrally located South Launceston sold for $255,000.
• Modern 120 square metre units in Prospect Vale sold from just over $300,000.
The most notable unit or apartment sale in Launceston during the past year has been the penthouse apartment in The Charles which sold for $2.25 million.
DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.