Pent up local and interstate demand for affordable new two and three-bedroom dwellings in Hobart has resulted in a flood of interest for a new infill development 20 minutes from the CBD.

Being brought to market by Ray White Hobart, the 4 hectare 76 strata title, 8 stage development Bilton Views at 43 Russell Road, Claremont is zoned ‘general residential’.

It will comprise 52 x 3 bed and 24 x 2 bed units with carport or lockup single garage.

Located on the southeast side of Russell Rd and accessed via an elongated street frontage, Bilton Views is surrounded by residential homes, vacant land and Council reserve frontage.

Downsizers and first home buyers

Ray White Hobart managing director Nick Cowley partly attributes the predominance of mainland interest – over two thirds from Sydney, Melbourne and Adelaide – to strong affordability.

The designs target a broad mix of purchasers, mostly first homebuyers due to the average unit sales price of $540,000 across the development.

“The single level dwellings will have strong appeal to the growing downsizer market, and I would expect rental opportunities will draw investors to the properties,” Cowley said.

Tourism and local events

While the development was designed specifically to help alleviate Hobart’s housing shortage, what’s also attracting interstate interest notes Cowley is the potential for large scale development relative to those currently available on the mainland.

He believes the landscape, sensational tourism industry, local events, and national coverage of the new AFL team and stadium are helping to put developments like 43 Russell Road, Claremont on radar with interstate investors.

Underscoring the potential for untapped tourism opportunities is the development’s 13 hectare ‘landscape conservation’ zone along with an existing 4 bedroom home which was originally built in 1965.

The plan is to add the 13 hectare ‘landscape conservation’ zone – located above the building envelope for No.43 Russell Rd – to the strata application (at 1/43 Russell Road, Claremont) and in so doing, significantly enhance purchaser value.

For example, permitted uses (STCA) under the Tasmanian Planning Scheme include short-stay accommodation (or visitor accommodation), and given its proximity to MONA, Cowley believes there’s potential for tourist operations and small-scale food service (cafes/restaurants).

Perfect timing

“From the initial property purchase to development approval, more than 16 months of design, planning and consultation have taken place to ensure this development will appeal to a wide target demographic,” said Cowley.

“The timing couldn’t be better for the purchaser, as the property market turns to growth following many months of negative growth, along with the recent pause on interest rate rises which is seeing increased volumes of buyers entering the market.”

Image: Artist impression, No.43 Russell Rd, Claremont.