The New Year brings with it a time for reflection and also a time to look onward to the future. Already the year begins with 163 sales in the North West in January, 142 sales in February and over 3500+ new listings. A promising start to 2017.
As we look forward, this year will be a superb year for the real estate market in the North West as we compare the current market to the same time last year. Firstly, the median house price increasing in Burnie by 5.5%, total sales volumes increasing in Devonport by 17.4% and Tasmania overall moving annual median sale price for houses increasing by 1.5%.
Buyers will be looking to purchase great homes in prime locations that represent value and lifestyle. For sellers, we see this year presenting great opportunities to achieve exceptional results.
As we look towards our future over the next few years, we see a substantial amount of infrastructure and development across the North West. Not only creating a positive renewal of vibrancy but also a sense of culture to our shores. For example, LIVING CITY in Devonport set for completion in 2018 will generate over $112 million in additional output annually once construction is complete. Even from the beginning of construction in 2016 will have significant economic benefit to the region as well as bringing with it over 850 jobs.
In addition to LIVING CITY the council is commencing construction of the new Arts Hub within the Devonport Entertainment & Convention Centre. This will be adjacent to the LIVING CITY multi-purpose building and Food Pavilion. The aim is to create a new cultural hub that contributes to visitor attractions of LIVING CITY, providing increased capacity for the Devonport Regional Gallery and again adding to the cultural appeal of the city.
Looking from a real estate perspective, this will in turn push market growth upwards with a greater interest in the city and also create a high need for prime real estate and rentals.