News

The Apple Isle is becoming cool and so is their property market

27 February 2020

Hobart’s population is booming thanks to a hipster gentrification surge and property prices having been following suit.

Numbers in the city have risen by more than 13 per cent since the turn of the century.

The median house price has risen 15.6 per cent year on year for the December quarter for 2019.

That’s nearly double the 8.7 per cent Melbourne recorded for the same statistic.

The booming population and rising property prices are being put down to the rapidly improving cultural scene in the city with bars, restaurants, galleries and festivals all starting to make their mark.

Hobart Lord Mayor Anna Reynolds told the ABC her city had finally been discovered by the rest of Australia.

“Now we’re trying to respond with more state government housing, ensuring the market is providing housing as well, but it is difficult,” she said.

University of Tasmania professor of planning Jason Byrne said more locals were moving back home from the mainland to get a piece of the economic action.

“We have an economy that’s increasingly buoyant due to tourism,” he told ABC.

“The climate here is a major drawcard.”

“The city really has reached capacity for traffic flow, we need to be looking for alternatives.”

“Some of the solutions for Hobart involve going up,” he said.

“We’re talking medium-density development, increasing public transport use, making the city more cycling and walking friendly, and public transport that’s safe, reliable, efficient and effective.”

 

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