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State of Markets – TAS September 2012

By Staff Reporter

Essential information, plus expert insight on what is shaping the national property market...

TASMANIA

Fast figures

  • $758m: total construction in the pipeline for Tasmania (State Government)
  • $56.99m: total value of buildings approved (Australian Bureau of Statistics)
  • 42%: proportion of Tasmanians living in Greater Hobart (ABS census, 2011)

Tassie may miss mining boom benefits
Tasmania may miss out on the resources-related benefits being seen in much of mainland Australia, according to a leading research house.

BIS Shrapnel’s Residential Property Prospects 2012 -2015 claims properties located in resource-rich states will see house price increases in the coming few years, but other areas will miss out.

Due to Tasmania’s separation from the mainland, this may be even more pronounced on the Apple Isle, according to BIS Shrapnel senior manager Angie Zigomanis.

“Recovery is expected to eventually gain traction as continued growth in resource investment spending eventually flows through,” Mr Zigomanis said, suggesting an upturn in 2014/2015.

“Without any supply pressures, median house prices in Melbourne, Adelaide, Hobart and Canberra are forecast to show little change and decline in real terms over the next three years.”

Dwelling approvals ‘abysmal’, claims HIA
Building approvals for dwellings in Tasmania were “abysmal” when compared with the rise in every other state and territory, the Housing Industry Association (HIA) has said.

Tasmania’s 12.1 per cent fall contrasts with a 27.3 per cent increase nationwide, according to the Australian Bureau of Statistics.

HIA executive director Stuart Clues said this year has seen consistent declines in Tasmania, both in housing starts and finance approvals.

“The HIA is calling upon both state and federal governments to recognise that an ailing housing sector is a dire warning signal as to the health of the wider economy,” Mr Clues said. “They need to step in and stabilise the market, build consumer confidence and create an environment for investment.”

State of Markets – TAS September 2012
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