AFL stars, expats and locals battle for our finest homes

3 days ago 7

Economist Eleanor Creagh with high-end Tassie properties Glenfruin and Avalon. Picture: Supplied

The top end of Tasmania’s property market is awash with options for buyers with cash ready to splash.

They could choose a modern marvel right by the water in Sandy Bay.

Perhaps a 1880s Launceston landmark, with a contemporary twist.

Or Quamby Estate offers 10-bedrooms plus its own nine-hole golf course.

On the market today, buyers can find the 1829-built Harbour Master House in Battery Point; award-winning costal dream Avalon; the stately eight-bedroom Arcoona Manor; bespoke masterpiece Otago Edge; or Mona St’s Gothic estate Vernon.

And that’s just the tip of the iceberg.

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Eleanor Creagh, senior economist at REA Group, said common features in Tasmania’s multimillion-dollar property market tend to be larger land sizes with larger homes and more prestige builds.

Often, these more expensive homes also have lifestyle positioning in Hobart’s most expensive streets, Ms Creagh said, alongside waterfront views and luxurious renovations.

REA Group’s Eleanor Creagh.

“A lot of the time, the most viewed listings on realestate.com.au aren’t where most people end up buying, rather they’re the homes we love to dream about,” she said.

“Real estate is a national obsession and scrolling through incredible properties is a hobby in its own right for some.

“Listings that capture lots of views often have a wow factor, like luxury price points, architectural design, or stunning gardens.”

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No.1145 Westwood Rd, Hagley. Picture: realestate.com.au

No.1145 Westwood Rd, Hagley. Picture: realestate.com.au

Ms Creagh said properties trading at higher price points tend to trade less frequently than typical homes because they’re often luxury lifestyle or legacy purchases, rather than stepping stones.

“These buyers are not typically driven by life cycle but rather securing a scarce asset and holding it through cycles,” she said.

Abercrombys Tasmania estate agent Georgie Rayner.

Agents agree that while there is demand in the high-end market, it also requires patience, with extended sales campaigns the norm.

Abercrombys Tasmania estate agent Georgie Rayner said Tasmania’s high-end is on the map more so now than ever before.

There is demand for prestigious Tasmanian homes, Mrs Rayner said.

“They don’t necessarily sell fast, it’s more about finding the right fit between property and purchaser,” she said,

“There is a lot of interest from expats, to come home or have a Tasmanian property as part of their portfolio.

“Every day we receive inquiries from people in Queensland and northern NSW, people looking to escape the heat.

“If a renovation has been completed already, that’s appealing. They sit longer if they require work.

“Interestingly, inquiries are increasing from members of the AFL fraternity, or their buyer’s agent.”

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No.25-27 Castray Esp, Battery Point.

No.25-27 Castray Esp, Battery Point.

Elders Tasmania agent Abi Freeman said the high-end property segment is always consistent due to the nature of the purchasers. However, in recent times, Mrs Freeman said purchasers have approached the market with some caution, conducting in-depth due diligence on the property and assessing all their options before committing.

“With many prestige properties, interest comes from local and interstate purchasers,” she said.

“A portion of those interstate buyers are expats looking to return for the lifestyle, and with changing working conditions for many people, living and working from home is acceptable, which puts Tasmania on the list for those high-net worth purchasers.

“The question is often asked of me, what’s the difference between a $2m home and a $4mn home. Obviously, location is the major driver. However, those with water views, swimming pools, tennis courts and great outdoor entertaining areas will attract a premium.”

Wolf Property director Cam Rogers.

Wolf Property director Cam Rogers said the prestige market is a little slower than the rest of the market, but that has always been the case.

Mr Rogers said a $3m or $4m home in Hobart may fetch $10m in Melbourne and $20m in Sydney and “those properties have longer campaigns”.

“Sometimes we will have an offer in week one, sometimes it’s a journey where we are working with buyers for weeks or months,” he said.

No.11 Mona St, Battery Point.

No.11 Mona St, Battery Point.

Mr Rogers said there’s about 10 streets in Hobart where sellers can demand $4m or more – on the waterfront in Sandy Bay and Battery Point, large landholdings in those suburbs, plus the Huon and East Coast, or homes that are “truly special” with a high level of construction or historic value.

12 OF TASSIE’S FINEST

Address, price, agent

1145 Westwood Rd, Hagley. For sale. Cullen & Royle/Elders Launceston

25-27 Castray Esp, Battery Point. EOI. Elders Hobart

13 East Barrack St, Deloraine. Offers over $6m. Harcourts Meander Valley

231 Otago Bay Rd, Otago. EOI. LJ Hooker Pinnacle Property

11 Mona St, Battery Point. Contact agent. Wolf Property

1 Victoria Esp, Bellerive. EOI. Elders Hobart

11922 Tasman Hwy, Rocky Hills. EOI over $4.8m. Peterswald

1 Brisbane St, Launceston. $4.6m-plus. Harcourts Launceston

1 Ram Island, Little Swanport. $4.5m-plus. Peterswald

2/724 Sandy Bay Rd, Sandy Bay. EOI over $4.2m. Peterswald