Tourism boom takes $87k block to million-dollar retreat in just 5 years

A cheap block of land by the hop fields has been transformed into a popular short-stay retreat earning six-figures a year as tourists flock to the region. Now, it's hit the market for over $990,000.In 2021, James and Nardia, the husband-and-wife team behind Northern Tasmanian builder J&N Developments, teamed up with a friend to buy a vacant block in tiny Branxholm for just $87,000.23 Stoke Street, Branxholm is on the market for over $990,000. Picture: realestate.com.auAt the time, the listing positioned Branxholm as an emerging alternative to nearby Derby, pointing to the potential for mountain-bike accommodation as tourism grew across northeast Tasmania.Five years later, the 1012sqm site at 23 Stoke Street is home to three purpose-built cabins operating as Just Down The Road, a successful short-stay business now on the market with offers over $990,000.The three cabins were purpose-built and currently operate as both short-term accommodation and long-term rentals. Picture: realestate.com.auThat transformation has unfolded alongside a strengthening regional market.According to the latest realestate.com.au Home Price Index, the Launceston and north east region of Tasmania is amon...