The current real estate market in Devonport is extremely busy. Now is a fantastic time to be selling especially if your home falls into the price category of $350,000 and under.
Devonport is currently one of the fastest moving area’s in Tasmania, leading the state in some categories such as turnover and sitting in the top three for volume and number of sales proportionate to population. This is fantastic news for our region and our town. It shows confidence in the market and positivity around the future planning of the city including the Living City project. Further supporting this is the stats across the North West Coast which show that Devonport is quite literally streets ahead of rival towns and cities such as Burnie. Indeed local govt. statistics have shown a migration of population from the west to Devonport over recent years.
Currently 45% of buyers in our area are second home buyers which goes some way to dispel the idea that all the sales are coming from mainland investors. Whilst it is true that investors are buying here it is still the case that a strong majority of buyers in our area are local and/or Tasmanian. This is fantastic news as it helps demonstrate that we are not just “selling out” to mainlanders.
The rental market is extremely tight. Our office has less than 1% vacancy rate for rental properties. Whilst this is good news for our clients who own investment property it is most challenging for those looking to rent. Outside of the fact some rental homes have been sold and converted into owner occupier accommodation, two other factors have been at play.
- Air BnB.
It is astounding how many properties have been converted into Airbnb accommodation in Devonport. I don’t think any of us anticipated this. Naturally this has taken some traditional rental accommodation out of the market and I would suggest that the government will need to create some new legislation around Airbnb accommodation.
- Costa’s Berry Farm
Whilst a great industry to have on our doorstep the Costa’s berry farm has no doubt had an impact on traditional rental accommodation also. When in season many foreign pickers come to our shores seeking work and naturally require lodging. Many properties have been made available to these pickers via the Costa Group and no doubt this has had an impact.
Commercially the city is doing extremely well. Our office is leasing shops, offices and warehouses at record rates. This is fantastic news and evidence of the confidence a growing economy and strong majority governance has brought to not only our state but our region. Tourism also has been increasing bringing more visitation to the area and with it much needed retail spending. In my opinion the state and our region can look forward too many healthy years moving forward.
Halliwell Property Agents