This month, NextHotSpot.com.au has contributed the market report for TASMANIA
Tasmania has little to recommend in the form of emerging property hotspots. The high value of the Australian dollar is crippling many of the state’s key industries, and until it falls back the property market will mirror the struggles of the economy. Investors should ultimately keep in mind that there are few supply-and-demand drivers to push up property values at the moment.
We love Tasmania as a place to live or visit. In fact, we’ve been lucky enough to visit the Apple Isle twice in the last three months. Investing is a different story, and one that demands a cold absence of emotion. In the big picture, Tasmania has been an economic struggler, and the signs are that this won’t be changing in a hurry.
Recent reporting from Deloitte Access Economics has confirmed a grim outlook. Tasmania is essentially an export economy and, apart from any other factors, a high AU$ hurts. Even the potential ‘bright spots’ of the state economy (dairy, aquaculture and tourism) are export based and therefore likely to continue to swim against the tide.
If you are a local and know your area well enough to identify opportunity, fair enough, but we see better areas of growth for most investors.
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