Baby boomers in Tasmania are scoring sound investments, with this generation being more inclined to upgrade homes and purchase properties in coastal areas.
In Herron Todd’s November issue of Month In Review, it was revealed that Tasmania is bucking the trend of other states, where more baby boomers are downsizing and transferring to the inner city.
However, Hobart and Launceston was thriving on trends such as upgrading of homes and buying of properties in coastal areas.
People took advantage of the still affordable housing in most areas of Tasmania by trading their war family homes to brand new dream homes with extensions, including second bathroom, fourth guest bedrooms and extra living room. This then resulted in migrations from Clarendale into nearby Berridale and from West Launceston or post-war Newstead into Prospect or Eastmans in Newstead.
Importantly, this upsizing opened more opportunities for first-time buyers to buy more affordable homes.
The report also found that Tasmanians have been embracing the beach lifestyle. It was noted that not only locals were buying in coastal areas for lifestyle choices but also mainlanders from that big island just across Bass Straight.
“These new Tasmanians are coming to live in their paradise. The kids have gone, we can trade in our city property, buy a nice house and enjoy a beach side lifestyle plus have left over dollars in the bank,” the report stated.
Consequently, more and more Australians are migrating to townships near an airport such as Shearwater on the north-west, Orford on the east coast, and Bridport in the north.
This follows the development of these coastal towns. Increased population fuels the local economy and allows services to expand. In fact, solid housing capital growth in many of these townships was recorded over the past few years.
