Tasmania has caught the eye of the investors, and it was seen to have generated strong results in areas of new detached home growth and emerging first homebuyers market, according to the latest Housing Industry Association (HIA) Housing Scorecard.
The Scorecard revealed that the creation of detached new homes is up by 28.7% from the last decade.
According to HIA Executive Director Tasmania Rick Sassin, Tasmania is well in the game and up on the Scorecard as far as growth in housing and its economy are concerned.
“Tasmania’s economic revival has seen a resurgence in population growth and this is evident in the construction workforce which was up by 32.8% from the average decade," he noted.
It was also found that numbers in first homebuyers have picked up significantly, with Tasmania having the fourth largest number of first homebuyers. It has climbed from its previous place on the Scorecard, highlighting that more younger homebuyers and investors are realising greater opportunities in Tasmania.
The trend looked the same for new investors. Data showed that more young Tasmanians are taking up the opportunities on offer in their home state rather than seeking work in other parts of Australia.
Sassin explained how specific programs have contributed to the growth of Tasmania. "The generous first home building grants on offer to Tasmania’s First Home Buyers over recent years has played an important role in delivering better conditions. Residential building activity has strong and positive knock-on effects for the wider Tasmanian economy," he said.
“Unemployment is down and 7,500 new jobs have been created over the past two years. Hobart is now Australia’s strongest capital city for dwelling price growth."
Finally, it was noted that pressures such as rental prices and availability have emerged in the state’s housing market in the past few months. However, Sassin was quick to underscore that the rise in new building approvals, especially in the detached housing sector, provides a positive sign for residential building activity.
The Scorecard assesses how each state performs in terms of new home growth and can be seen as a reflection of the state’s economies overall.
