Tasmania is experiencing a number of exciting new developments on the back of a strong residential market.The demand for city apartment living is high, with over 200 proposed apartments in the pipeline in Hobart alone. The number of buyers wanting to register on our projects and residential database has doubled in the past 6 months.
In recent times, Knight Frank has been appointed to sell en globo land holdings suitable for further subdivision and development, or sites with the potential to be developed for apartment living.
The Hobart market place has had a 13.6% increase in the past 12 months with the median house price for Hobart up 5% for the quarter – and there are no signs of slowing.
Hobart’s changing market, which now has a very high demand for apartment living, has meant we need to have a total understanding of selling off-the-plan and providing intimate knowledge of the market and trends, providing the right advice to developers and investors.
This demand has been the driver to create a whole new division to specialise in Project Marketing.
Knight Frank Tasmania’s Project Marketing team offers a holistic Project Marketing service to support developers through each phase of bringing a project to market. This is achieved via thorough planning and implementation of pre-launch marketing activities, managing the sale process, and coordinating settlement. This commences with a strategic review of how best to meet the marketing and selling objectives of the project.
The review includes a full evaluation of the proposed product type in the context of location, likely target market, and current micro- and macro-economic conditions. The Knight Frank Project Marketing team also provides a full analysis to identify and review product specification, mix and pricing.
Experienced Knight Frank consultants specialising in off-the-plan sales are allocated to the projects with our counterparts from our interstate and overseas offices briefed.
Depending on the project, Knight Frank will consider appointing third party agents for example to assist selling the offering via wholesale channels, or to provided floor plan and floor plate packs, valuations, and depreciation schedules. Knight Frank also provides full property management services, for both residential and commercial assets.
Knight Frank has developed very clear and precise strategies on how to successfully market residential projects across the Tasmanian market place. We have the skill sets, the experience, and personnel to deliver a successful outcome for our clients.
In closing, the market place has put new demands on real estate professionals. We recognise selling off-the-plan is a totally different discipline to selling standalone individual residential properties.
With many new projects either under construction or in the pipeline in Tasmania we are working with our Melbourne and Sydney counterparts, who are highly skilled project marketing professionals, to ensure we have the latest project marketing tools and strategies.
It is a very exciting time to live and work in Tasmania and the Knight Frank team are ready to take on these market changes and opportunities.
By Matthew Chugg, Knight Frank Tasmania Department Manager Residential Sales