East Coast is Open for Business
In this month’s editorial, Knight Frank Tasmania’s East Coast team, Adele Plunkett, Leanne Dann, and Jim Playsted, review the East Coast property market and outlook.
The East Coast real estate market continues to thrive for the third year in a row with consistent strong sales numbers being achieved in all areas during this period. A real positive sign for those involved in the industry has been the marked improvement for purchasing and sales enquiries during the winter months in 2018 and 2019.
The Tasmanian Government’s Land Information System Tasmania (the LIST) shows the number of sales for the last three financial years for the Central East Coast region from Buckland to Bicheno as follows:
2016/17 – 336
2017/18 – 356
2018/19 – 296
The numbers show that the 2018/19 financial year was lower than the previous two financial years. An explanation for this is that the overall number of listed properties for sale has declined. Consequently, the bonus for those selling is that days on market for listed properties has certainly decreased.
A feature of 2018/19 has been the launch of several residential land developments on the coast, for sale through Knight Frank. We currently represent projects in Orford, Spring Beach, Swansea and Coles Bay, which are all clearing well. Driving around these coastal towns it is pleasing to see the number of new homes being constructed, and local builders are reporting that they have a waiting list of up to four years.
The award-winning viticulture industry also continues to prosper in the temperate climate on the coast, with a number of rural holdings expanding their plantations and new vineyards being established north and south of Swansea by Websters and Gala.
Existing properties are also progressing to putting in cellar door establishments.
The Great Eastern Drive takes you along the path of the East Coast wine trail which runs from Orford to St Helens.
Noted events include the Bay of Fires Winter Arts Festival, the Great Eastern Wine Weekend and the Bicheno Food & Wine Festival, which have all proven to be very popular with visitors and locals.
This in turn has also helped with employment in these regional townships and has given tourists another reason to visit our beautiful regional areas. Timber production, wool production and fishing were the main sources of income prior to the turn of this century.
It is pleasing to see that along with these industries and the well-established tourism market, the area is diversifying with other ventures including aquaculture, which is doing very well in the surrounding pristine waters; a large walnut plantation, which sells their crop worldwide; and even a salt manufacturing business that has been set up.
The East Coast is certainly open for business and it is great to see new ventures happening and existing premises being upgraded and re-opened.
This is an exciting time to be living in such a beautiful part of Tasmania and a great opportunity for our children to be able to stay and gain employment.