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The national real estate brand has completed its hat-trick of offices in Australia’s southernmost state with its latest opening.
Having kickstarted its endeavours in the island state with the opening of a Launceston office in January, McGrath has continued building on its Tasmanian momentum by entering Devonport, strategically located as the maritime entrance to the state.
Brand executive director and chief executive officer John McGrath relayed his belief that Tasmania’s strong property market — which saw Hobart ranked as the fourth best location for price growth in April — is founded on attractive lifestyle offerings, relative affordability, steady population and wage growth, and low unemployment.
Focusing on Devonport, identified as a top pick in the recently launched McGrath Report, he explained: “Apart from its planned redevelopment of Port Devonport, the city offers an enviable lifestyle and multitude of outdoor activities, that I believe will be a drawcard for many families and young professionals seeking the relocate.”
Vanessa Goodwin, principal at McGrath Devonport, and partner Jamie Goodwin have been tasked with leading a group of five employees, primarily focusing on the north-west corner of the state, although their primary centres of attention will be Devonport, dubbed “the gateway to Tasmania”, Latrobe, Spreyton, Sheffield, Shearwater, and Ulverstone.
Ms Goodwin believes a major contributor to the future of north-west Tasmania is Devonport City Council’s Living City Initiative — the largest urban renewal project undertaken throughout regional Tasmania, with an estimated $250 million in construction investment to be generated over the next decade.
With a median price of $460,000, Ms Goodwin outlined that Devonport remains “a much more affordable area for ownership, especially for families”, than Hobart, despite prices jumping 21.5 per cent in the past 12 months.
Adding to the town’s appeal is a host of primary, secondary, and tertiary educational institutions in and around the region. Moreover, Devonport’s average rental yield of 4.6 per cent, partnered with a vacancy rate of 0.1 per cent, has resulted in “increased investor activity and interest, many who are buying now with a view to move here in the future”.
“Quite a high percentage of those are interstate buyers. Many see our north-west region as an attractive tree change. Devonport has the beach at the front door, Cradle Mountain an hour away, world-class walking and mountain biking tracks, vineyards, distilleries, and boutique breweries around us,” Ms Goodwin said.
McGrath head of franchise network Christopher Mourd welcomed the husband-and-wife team to the network, explaining the brand’s belief that there lies “a great opportunity in this partnership”.
“They’ve established a successful business, and it’s evident they have the right processes and structures in place for a rapid and sustained growth,” he concluded.
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