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The stroke of a pen has opened up land for almost 10,000 homes in Tasmania.
The Tasmanian Government this month expanded the Urban Growth Boundary across Greater Hobart, unlocking 615ha for housing.
The expansion includes land at Brighton, Clarence, Kingborough and Sorell.
Hobart’s property market has made a significant recovery this year—according to the Hotspotting Price Predictor Index, 60 per cent of the 35 markets in the island state are now ranked positively.
Hotspotting general manager Tim Graham said transaction levels were up 20 per cent quarter-on-quarter, and 14 per cent higher than the same period last year.
“Leading this growth is the Clarence local government area, where suburbs including Howrah, Lindisfarne, Geilston Bay, Rokeby, and Risdon Vale continue to perform consistently or exhibit rising trends,” Graham said.
“Sandy Bay, North Hobart, New Town and Lenah Valley in the City of Hobart local government area also rank as thriving markets, according to the index.”
Tasmania housing minister Felix Ellis announced the land release during a speech in Hobart at an event hosted by the Committee for Economic Development of Australia (CEDA).
“This release of land in the Southern Region sets us up for significant and sustainable growth,” Ellis said.
“We’re backing in the builders, cutting red tape, and sending a clear message to the construction industry: Tassie is open for business and keen to get building.”
Property Council of Tasmania executive director Rebecca Ellston said the update had been hugely necessary.
“Outdated urban growth boundaries can hinder smart population growth, particularly at a time when our state needs new housing and the growth and economic stimulus this brings to the construction industry,” Ellston said.
The expansion of the boundaries had been prompted by the industry, the Government said.
The state also said it was progressing updates to the Southern Tasmania Regional Land Use Strategy to ensure it remains practical, contemporary, and aligned with population growth.
Consultation for this strategy is expected to begin in the next 100 days, according to the state.
