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State of Markets - TAS January 2013

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

TASMANIA

Fast figures

  • 211,656: Population of Greater Hobart (ABS)
  • $1810: Weekly median income (SQM)
  • 2.3%: Current vacancy rate for Hobart (SQM)

$900 million request to grow jobs
Jobs, opportunities and the economy are set to be given a multi-million dollar injection that will shape the area over the next decade, according to recent government announcements.

Infrastructure growth has been encouraged in Tasmania, with a new submission “all about growing our economy, creating jobs and opportunities, and making our roads safer and more efficient," said infrastructure minister, David O'Byrne.

"We're talking about generationally significant projects that will help shape Tasmania over the next decade and beyond,” said Mr O’Byrne.

The Economic Development Plan focuses on diversifying the economy and building significant infrastructure. Part of this was applying for $900 million worth of funding through the Australian government's Nation Building 2 Program (NB2).

The NB2 is a five-year program that will commence on 1 July 2014.

Tasmania’s future remains shaky
Despite some positive data around retail and tourism, house value declines are still expected to occur across Hobart.

While CommSec Business Sales Index saw sales in Tasmania grow by 0.8 per cent in September – the highest result across Australia ¬– providing a positive outlook for retail, house prices are not expected to grow in line with this, according to BIS Shrapnel’s Robert Mellor.

In fact, a 7.7 per cent decline in terms of the Hobart median house price is expected over the next three years.

Minister for tourism, Scott Bacon, has been praising the strength of Hobart as a tourist hotspot.

However, despite this attraction, the BIS Shrapnel lmiHOUSING Report points to “the outflow of younger Tasmanians seeking employment” increasing, even while net interstate migration has recently been a positive. This has pushed the net interstate migration figures to an outflow.

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