A MESSAGE FROM JOSH HART
On behalf of the McGrath Launceston team, we’re pleased to share these market insights with you. It’s been a privilege to serve the Greater Launceston Community since we opened our doors in January under McGrath. 10 suburb records have been achieved across the year with notable results in West Launceston, Norwood, Summerhill, Riverside and Swansea; it makes me proud to watch our team achieve these life changing results for our clients.
Whilst Australia is now pivoting out of one of the greatest social and economic challenges in history, the future is bright for our State of Tasmania, in particular the Greater Launceston Region. We have seen the return of our loved ones to be closer to family, as well as new beginnings for those who have fallen in love with what our region has to offer. Our key values still stay the same; a vibrant community, easy accessibility to services, affordable lifestyle surrounded by some of the most beautiful natural scenery in the world.
The Launceston LGA has seen house prices rise 53.3%*(1) in the past 18 months which has solidified as we build on this core foundation with major capital works currently under construction or about to get underway. The University of Tasmania relocation to the Launceston CBD is taking shape as we see buildings being completed over the coming 12-24 months, whilst momentum is building for the Hydrogen Hub* (2) in Bell Bay. Closer to our doorstep it’s great to see investment in our CBD with the St John Street & Tatler Arcade revitalisation and Du Canes brew house in Elizabeth St.
The announcement of the Launceston Airport transformation is a strong boost to consumer confidence coming out of COVID, with investment in this space giving certainty that Launceston has become a regional destination, with passenger numbers expected to reach some 1.9 million a year by 2028 and 2.5 million by 2040* (3)
In the next 12 months I believe we will see our market remain stable, with increase in interest rates creating a considered approach to buying from the consumer. Historically, Tasmania is consistent with growth during a medium to long period of time without the dramatic peaks and troughs we see in our mainland markets. This should overall give confidence to the consumer engaging in Greater Launceston Region.
Suburbs to keep an eye out for include Legana (4), with construction underway for the new primary school which will be highly sought after for young families over the coming years, and Invermay with the finalisation of the University of Tasmania relocation, demand will be consistent in this suburb as walkability to the Launceston CBD and UTAS site will be desirable for faculty staff and students.
Our team are excited about the future of the Launceston region and look forward to assisting you and your family.
Yours Sincerely, JOSH HART 0447 788 335 joshhart@mcgrath.com.au
References:
1 - https://www.domain.com.au/news/why-tasmania-continues-to-draw-inbuyers-from-the-mainland-1139797/
2 - https://www.premier.tas.gov.au/site_resources_2015/additional_releases/ continuing_to_help_tasmanians_with_the_cost_of_living/another_step_ forward_for_tasmanias_green_hydrogen_hub
3 - https://www.premier.tas.gov.au/site_resources_2015/additional_releases/ launceston-airport-transformation-begins
4 - https://www.premier.tas.gov.au/site_resources_2015/additional_releases/ major_milestone_for_new_legana_primary_school
60 NEW ECCLESTONE ROAD, RIVERSIDE
- SOLD $1,925,000
4 BLUFF CIRCLE, SWANSEA - SOLD $2,450,000
70 BISHOPSBOURNE ROAD, CARRICK - SOLD $1,350,000
25 HILL STREET, WEST LAUNCESTON
- SOLD $1,340,000
8 CASUARINA DRIVE, SUMMERHILL - SOLD $1,502,000
496 LOS ANGELOS ROAD, SWAN BAY - SOLD $1,500,000
- SOLD $925,000
2/34
- SOLD $740,000
10 MESTRE COURT, ST LEONARD’S
6 HOBLERS BRIDGE ROAD, NEWSTEAD - SOLD $866,000
NEW ECCLESTONE ROAD, RIVERSIDE
13 ERIKA COURT, SUMMERHILL
13 VERONICA CRESCENT, NORWOOD
- SOLD $705,000
56 CLARENCE STREET, PERTH
- SOLD $1,287,500
2 HORNSEY AVENUE, EAST LAUNCESTON
- SOLD $1,400,000
45 GLEADOW STREET, INVERMAY
- SOLD $540,000
