Once a sleepy island state, Tasmania has experienced exponential growth in the last decade.
The small island known as the apple isle has never been as sought after as it is today, and if interstate migration trends are anything to go by we are entering a real honeymoon period for Australia’s island state. And while the popularity began in the tourism sector, it was only a matter of time before we saw such growth trickle elsewhere.
Backed by a tourism-fuelled economy, it was only a matter of time before Tasmanian real estate played catch up. So just what is it that makes Tasmania such a sought after location to live?
We’re so glad you asked!
Why Tasmania is a great place to invest
There are many reasons as to why a Tasmanian lifestyle is enviable to so many. The island is renowned for its distinctive seasons, cascading waterfalls and turquoise blue coastlines. Not to mention the rugged midlands and their sparkling mountains, enchanting native forests and sweeping bays. And we know what you’re thinking – all this in one island? It almost seems too good to be true!
But that is precisely why Tasmania has become such a sought after lifestyle choice for so many seeking to escape the hustle and bustle of urban cities. Tasmania offers an alternative pace of living, a laidback lifestyle and a real focus on supporting local businesses and artisans. So if you’re hooked on the idea of Tasmania as the perfect oasis, your next question might be: why should you invest?
With a booming tourism industry, there has also been a growing trend in interstate migration, prompting many investors to look toward the apple isle to grow their property portfolio. This spike in interstate investment interest has led to steady growth in the market, causing Tasmania to be seen as one of the best investment markets in the country.
Not only are market trends attracting investors, but there is also much to be said about the relative affordability of Tasmania’s property prices. Comparatively, Tasmania offers a much lower entry point into the market, making it a great early investment opportunity for new property portfolios or those looking to diversify with regional investments. The state is seen as a safe and stable economy with a low risk to offer potential investors.
Aside from the picture perfect scenery, there is much more to be celebrated about Tasmania in recent years – particularly in the realm of innovation amongst local artists and artisans. Tasmania is home to a wide market of small business owners and small batch producers, especially in the food and tourism industries. If you’ve ever heard the phrase farm-to-table, you’ve probably envisaged Tasmania in a nutshell! This core focus on tourism at the heart of our economy has made our island such an attractive area of investment, so now is as good a time as ever to enter the Tasmanian property market.
Below are some of our most commonly asked questions from our clients to help you better understand why Tasmania is such a great market to invest in.
Why is Tasmanian real estate a safe bet?
There are many factors to consider when buying a new investment property, but one of the most promising reasons the Tasmanian market is such a safe bet is the under-supply of dwellings throughout the state. In simple economic terms there has long been a shortage of properties for rent in Tasmania and many of the properties in our island state are owner-occupied. This makes Tasmania a ripe market for investors.
Why should you invest in Tasmania now?
There aren’t many major cities in Australia like Hobart where you can buy a solid brick and mortar house for around $400,000. What attracts most investors is the limited supply and high demand for housing, yielding healthy rental returns for investment properties. Recent years have also seen parts of Tasmania (like Hobart) playing catch up to the rest of the country, with a 15.7% increase in the last financial year. These current growth rates in property prices are dwarfing the likes of Sydney, Melbourne and Brisbane.
What if I can’t get to Tasmania?
That is what we are here for! Rather than risking a new investment purchase “sight-unseen”, Buyers Agents Tasmania will do all the hard work for you. We will actively participate in monitoring the market for you, as well as notifying our clients of investment opportunities before they even go to market. We are here to make sure your investments are sound, well-considered and give you our in-the-know knowledge as property agents on the ground in Tasmania.
I’m ready to invest. What should I do next?
Contact Sam on 0439 639 508 to start growing your property portfolio in Tasmania.