‘Clearly unusual’: Tas West Coast house values climb 200%
Buyers in this West Coast town have done the unimaginable, tripling their money in just a decade. SEARCH TOP SUBURBS
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WHEN Queenstown local Rodney Triffett started out in real estate, a typical house cost about $50,000.
As of July, the suburb’s median house price is four times as high.
New PropTrack data for the past 10 years shows this West Coast hub has grown by over 207 per cent, which places it in the top five regional areas in the nation.
Mr Triffett said things had changed in the area, including tourism growth propelled in part by mountain bike trails.
“The arts community has grown too, people are coming here to live or do a residency, and there is our The Unconformity festival, which is a huge event,” he said.
“There are a lot of positives that bring people to the area, including new mines that create jobs.
“The future looks bright; it’s great to see.”
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Alongside 207 per cent decade growth, PropTrack economist Angus Moore’s research also revealed Queenstown was regional Tasmania’s number one suburb for growth.
It is up by 25 per cent since interest rates started rising in April, 2022.
In dollar terms, Queenstown’s median has grown by $40,000 in one year and by more than $135,000 since 2013.
“Queenstown has seen extraordinarily strong growth, starting from a low base and growing to a $200,000 median value,” he said.
“There are not many markets that have performed like Queenstown, it is clearly unusual to see prices triple in a decade.
“Broadly, from the pre-pandemic to today, regional Tasmanian house prices are still up by 55 per cent.”
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Mr Triffett said people who move to Tassie’s West Coast are typically “sick of the heat and the busy city life”.
He said the area was perfect for people who love the outdoors.
“Around the time that the biking trails were announced and then construction started, that is when property prices here noticeably increased,” he said.
“And Covid saw people realise they could work remotely from here.
“A lot of sales in Queenstown are people moving here from within Tasmania or from interstate.
“There were plenty of investors around the time of the trail announcements, people getting in early, but that has calmed down this year like investor sales have in many areas.”
Alongside Queenstown, Sheffield, Huonville and Port Sorell topped the Tas chart.
Sheffield is up 156 per cent over the decade and 25 per cent annually; Huonville is up 167 per cent and 14 per cent; Port Sorell 133 per cent and 16 per cent.
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