Tasmania investment hotspots 2023

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The unique lifestyle in Tasmania has been one of its biggest selling points, allowing its capital city Hobart to achieve 22 consecutive months of growth in dwelling values until April 2022.

McGrath Estate Agents founder John McGrath said certain factors such as affordability, lifestyle and much improved economic conditions have helped boost buyer demand, which resulted in an impressive five-year run for Hobart and the highest median house price growth among capital cities, up 93.5% between 2017 and 2022.

“While the state may have lost some momentum in the first half of 2022, several fundamentals such as strong relative annual population growth, increasing wages, and low unemployment levels are tipped to help stabilise the Tasmanian economy, with the forecast of pre-pandemic growth levels returning in 2023-24,” he said.

Here are Mr McGrath’s top suburb picks across Tasmania under the McGrath Report 2023.

Tasmania investment hotspots 2023

Sandy Bay

Sandy Bay in inner-city Hobart has long been known for its convenience juxtaposed with its amenity and natural beauty.

“Panoramic water views, prestigious schools and a mix of historical and modern mansions have made it a magnet for the well-heeled,” Mr McGrath said.

Furthermore, Sandy Bay has student-friendly apartments and a vibrant restaurant scene that caters to all walks of life.

“If sailing at The Royal Yacht Club of Tasmania isn’t your thing, there’s always a stroll along the waterfront footpaths into the CBD,” Mr McGrath said.

Kingston Beach

Popular as a lifestyle destination, Kingston Beach is only 15 minutes away from the Hobart CBD.

Properties in Kingston Beach broke the $1m price tag only recently.

“Kingston Beach is abuzz most mornings with ocean swimmers, runners heading to the Alum Cliffs trail and dog walkers hitting the sand,” Mr McGrath said.

“There’s an idyllic 18 holes at Kingston Beach Golf Club, a redesigned 1970s beachfront pub, a hip cocktail bar, and the line for coffee at Ebb & Flo is worth it.”

St Leonards

St Leonards has a semi-rural character, with views of the valley, city, and mountains.

Located in Launceston, St Leonards is witnessing high demand from buyers interested in the area's new land subdivisions.

“They’ve been snapping up property here in a little over a week, drawn by the wide, open spaces, convenient 10-minute drive into the CBD and quality schools

Invermay

Another hotspot in Launceston, Invermay is a suburb that is on its way to be a cultural, educational, and recreational hub.

Invermay is near the popular AFL turf of UTAS Stadium and only a few minutes' drive away from Launceston’s CBD.

Another selling point of this suburb is the opening of the first building of the new University of Tasmania Inveresk campus — two more buildings are under construction.

“Families are being drawn to the popular Riverbend Park children’s playgrounds, while buyers are falling in love with its many character homes,” Mr McGrath said.

Devonport

Devonport has the largest urban renewal plan in regional Tasmania, which will help future-proof its status as the northwest’s tourism gateway.

The renewal plan is expected to attract investment for the redevelopment of Port Devonport, new parklands, housing subdivisions and accommodation.

“Aside from better amenities, the city offers many outdoor activities, such as cycling, kayaking or bushwalking nearby Cradle Mountain National Park,” Mr McGrath said.

Your Investment Property’s Suburbs to Watch 2023 series:

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Photo by Tourism Australia on Canva.