News
An icon of architecture sells in Hobart
In continuation from last month’s newsletter, Devine Property are proud to announce the sale of a jewel in Hobart architecture that is 191-193 Liverpool street, which signifies another demonstration of market strength in the region. Collecting the coveted award for ‘Enduring Architecture’ during the 2021 Tasmanian Architecture Awards, The Wilson Robson building exemplifies &l...
Commercial property landscape adapting to national economic trends
The commercial property market continues to navigate the complexities of the national landscape in early 2024, with the shifting developments of the nature of working, shortages in supplies, and interest rates all playing a role in this evolving picture of property into the future. Research currently points in an array of directions as buyers and businesses look to optimize their strategy, fro...
Diversification of mixed-use properties decreases risk by achieving market spread
Growing in popularity amongst investors are mixed-use commercial properties, which provide the necessary space for diversifying prospective tenants and property types. Traditionally split between ground-level retail and upper-level residential and/or office spaces, this type of investment can enable an array of advantages. Perhaps the largest drawcard for mixed-use commercial properties lies i...
This year in real estate: Excitement stirs as market expected for 2024 bounce back
Following a tumultuous year for the real estate market nationwide in 2023, largely thanks to the cycle of interest rate hikes, 2024 sees the potential for volatility to stabilise as inflation, cost of living, and interest rates remain the hot topic of contention for all within the real estate ecosphere. The general consensus among real estate pundits is that 2024 could mark a year of two halve...
Year in review: 2023 real estate market evolves and adapts accordingly to global trends
In a year characterised by evolving work arrangements between employers and employees, the economic flow-on effects of the COVID-19 pandemic, increased interest rates and the current cost of living, real estate has seen a level of turbulence in an array of sectors, as the market responds to the landscape. Working from home is becoming an increasingly prevalent strategy being adopted by busines...
Recent Interest Rate Rise Adds Complexity To The Property Market Nationwide
The November interest rate rise has continued the trend of recent times, furthering the challenges experienced by both landlords and, subsequently, tenants, as the relationship between the two navigate the complex landscape of the current property market in both Hobart and the nation. It’s no secret that the cost of living is reaching staggering levels for many Australians as the...
Hobart retail market rallies as Devine property closes leasing deal with sporting giant
Despite the current economic challenges due to inflation and a searing cost of living, coupled with the rapid rise of e-commerce merchants, brick-and-mortar retail stores have taken a hit of late with a shift in consumer psychology, along with less dispensable income. Occupying a marketspace where brands can talk directly to their consumers - and sell to them - via electronic devices, the way ...
Hobart property market showing signs of recalibration following period of growth
After what has been an immense upturn in the Hobart property market, glimpses of recalibration are beginning to occur as overall enquiries in the market are weakening, with many non-client facing businesses looking to relocate outside the CBD and into more affordable surrounding regions. Having now surpassed a premium, rent prices are the driving force behind the relocation, with demand for hi...
State tourism boom bolster’s regions hospitality market
The property market represents a degree of uncertainty of late, as interest rates have risen nationwide, along with the current cost of living crisis combined with inflation. These factors haven’t slowed Tasmania’s commercial hospitality market, however, as renovations, sales, and new listings mark what has been described as a ‘buoyant’ sector. This follows as tourism w...
Retail-based businesses experiencing pivot as commercial rental demand increases in hobart
The commercial rental landscape within Hobart is extremely competitive, with many businesses vying for a small number of brick-and-mortar stores in a market where scarcity is high. From historically low vacancy rates, an increase in rental prices due to demand, and the rising cost of living, retail-based businesses are now pivoting from the traditional model towards a more strategic approach us...
Increased construction costs set to stablise as industry continues pandemic recovery
The destabilisation to the world’s economy attributed largely to the Covid-19 pandemic has impacted the building industry significantly, with interrupted supply chains, growing inflation, and a decrease in labour all contributing to an increase in construction costs nationwide. With the brakes pulled on normal living for the best part of two years, exports, ports, and freighting were at ...
Hobart Industrial Market Trending Strong As Demand Increases
Amidst rising interest rates and increased construction costs nationwide, Hobart’s industrial market has continued to soar as demand increases, with the industrial commercial sector of the market defining the most sought-after asset class within the last 18 months. In line with the national trend, the industrial sector is seeing what can be defined as ‘unprecedented demand’ a...
Commercial Office Demand Soars In Hobart
Thanks to a growing demand in the Hobart commercial market, the Tasmanian capital is seeing an influx of once consumer-based retail shopfronts being converted into commercial office spaces, facilitating the growing professional sector which is reflected in the property market. The aftereffects of the Covid-19 pandemic hold a significant impact on businesses' property requirements, as the new &...
The Commercial Comeback of 2023 – Trends and Predictions
Worldwide inflation and rising interest rates are the two key factors affecting all property markets in 2023. At the end of 2022, over $43.6 billion were recorded in Australian commercial real estate investments. While economic uncertainty might be slowing residential and investment streams, the commercial space continues to hold steady. Long-term, investments and leases in the commercial marke...
Rental Trends
The ongoing saga of Hobart’s rental crisis continues to add prominent voices to its ever-growing chorus, as Shelter Tas CEO Pattie Chugg has recently publicly highlighted the need for urgent assistance. While this will come as no shock to Tasmanian renters, Ms Chugg said, “Hobart in particular has one of the lowest vacancy rates in the country and is the least affordable capital ci...
TOP 10 SUPERSTAR SUBURBS
The latest Wells Money report has put a spotlight on two unsuspecting Tasmanian suburbs, as Geilston Bay and Eaglehawk Neck have been named among the nation’s best 20 options in 2023. Wells Money chief executive Scott Spencer explains, “[they] have low inventory levels, which will put upward pressure on price growth, and low vacancy rates, which will put upward pressure on rental g...
The AFL, Macquarie Point & Hobart’s CBD
The AFL, Macquarie Point & Hobart’s CBD The debate around the proposed Macquarie Point AFL stadium has maintained a strong hold on the local discourse since it was first announced, but has recently added another notable voice to it’s campaign.President of the AFL’s Adelaide Crows, John Olsen, has publicly come out in support of the proposal citing the success of the $535m...
New year, new Tasmanians
New year, new Tasmanians According to the recently released report from the federal government’s Centre for Population, Tasmania’s population is expected to reach 647,000 in 2032-33. Anna Reynolds, Lord Mayor of Hobart, says these projections are a signal that preparation would be require for such an extensive change. With approximately 80,000 new Tasmanians moving to the st...
Top end price growth continues apace for Tassie’s most resilient suburbs
While just over a year ago, Tasmania’s only two suburbs residing over an average of $1 million had remained as such for up to a decade. But the recent boom in our local industry since the pandemic has seen a slew of challengers emerge as contenders for the crown of Tasmania’s most competitive suburb. While the key Hobart suburbs of Battery Point and Sandy Bay have long been c...
November rain for Tassie's real estate parade
Is it a return to normal or a steep decline? The Real Estate Institute of Tasmania’s September Quarterly Report has revealed the statistics to show evidence of the gradual slowing of the local real estate market. Although the -19.7 per cent dip when compared to the same time last year indicates a substantial slump in sales figures, this may just indicate the record breaking highs o...
Property prices bounce back for spring selling season
Hobart housing market is showing resistance to the national downward trends, according to the experts. With the steadily increasing population, as migration to the state continues apace, the island state’s property market has shown greater resiliency than the rest of the country. While the consequences of the pandemic are still being felt far and wide, the effects on the property market ...
Hobart: 2050
The 30-year Greater Hobart Plan, a first for the city, has now received the tick of approval from all four Greater Hobart Councils and from the state government. With this plan comes a detailed projection on what the city can expect in terms of growth and what the plan hopes to anticipate. The plan, expected to commence in 2023, is projected to add an additional 60,000 future residents calling...
New financial year rates and charges
Information regarding the rates and charges for the 2022-23 financial year per the Hobart City Council. Covering the fire service, waste management and the new landfill levy service charge, The Hobart City Council has shown a greater focus on green waste management practices with the release of their rates for the new financial year. The Hobart Council area has been revalued which is done rou...
Tasmanian property recap
Over the past five years, the median price of houses in regional Tasmania has more than doubled, experiencing the strongest increase in Australia. The increase has been primarily driven by a seismic economic shift in the Tasmanian economy – moving it from being driven by government and agricultural employment to also including a quick growing tourism and education sector. While Tasmania...
UTAS property portfolio
Devine Property has been appointed to assist the University to transition their non-core properties and tenancies to be more commercial, to improve the overall performance of those assets. With the aim of creating ongoing value for the University’s various property holdings, we are working to improve the commercial returns by ensuring compliance and optimisation of said assets to guarante...
Government incentive breakdown
The Tasmanian property market has never been more competitive, as first home buyers and builders struggle to break into the market amid soaring property prices and a lack of affordable housing. For those looking to insert themselves into the market, capitalising on the various government incentives available could make or break your campaign to becoming a property owner. Here is a brief breakd...
New faces, same exceptional service
Welcome, Nawwar & Farzin! The highly accomplished duo bring an expertise in selling businesses, leading teams and getting deals done. With a lot of changes in the works we wanted to take the opportunity to introduce our new business network, which we hope to incorporate to offer a more well rounded service. Mark Devine “Having spent almost 40 years in the property sector I recognis...