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State of Markets - TAS August 2012

State of Markets - TAS August 2012

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Essential information, plus expert insight on what is shaping the national property market...

TASMANIA

Fast figures

  • $1,182.90: Average weekly earnings for Tasmanian adults, the nation’s lowest (Australian Bureau of Statistics)
  • -4.06%: Quarterly change in Hobart median unit price (RP Data)
  • $5.2 million: State government investment in major events funding (Tasmanian Budget)

Woolworths’ $56 million vote of confidence
Woolworths is set to invest $56 million in Tasmania over the next five years, according to Woolworths’ CEO Grant O’Brien.

The investment will create an extra 400 jobs in retail, which Mr O’Brien said represents a vote of confidence in the future of the state.

Twenty-seven projects are planned across Tasmania, including a supermarket in Lauderdale, Hobart’s East, seven BWS stores, five BWS renovations, six supermarket extensions and three supermarket renovations.

Sandy Bay will be one area set to see supermarket-related funding, while a couple of Big W stores have also been flagged for Launceston and Devonport.

An $80 million joint venture 46,000sqm distribution centre was opened in Launceston recently to increase the efficiency of over 250 retail outlets statewide.

TAS affordable housing scheme ends
The Tasmanian Government has shut down Tasmanian Affordable Housing Limited (TAHL) since it was not as cost-effective as it could have been, according to human services minister Cassy O’Connor.

Despite the move, Ms O’Connor said the Tasmanian Government still remains committed to growing affordable housing levels.

Under the TAHL model, investor-owned properties were sublet through the company. However, the program did not perform as well as other similar schemes such as the National Rental Affordability Scheme, she said.

“The Government is honouring all of TAHL’s five year leases," she said, adding that investors who have tenants under these leases should not be concerned.

After their lease expires, new arrangements would be made, possibly including renegotiations with the property owner.

State of Markets - TAS August 2012
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