Developer Ellington Developments has revealed plans to build a $40 million residential project comprising 76 homes in Hobart’s Claremont area.
The developer has sought development approval from the Glenorchy City Council to develop the infill site at 43 Russell Road.
The project will feature 52 three-bed and 24 two-bed detached dwellings.
Ellington Developments Project Manager Britt Madden said the need for new housing in the greater Hobart area was paramount.
“We believe this project will deliver vital additional housing for the Glenorchy City Council municipality,” Madden said.
“In addition, it will provide significant local jobs during construction over many years ahead.”
“In recent years Hobart has been facing a housing crisis. Greater Hobart is ranked the least affordable metropolitan area in Australia, due to high rents relative to income.”
Rental demand exceeded supply, with vacancy rates sitting around 1%, according to the developer.
The decline in supply continued to push rents higher, up 15.5% in greater Hobart.
“The government have many initiatives aimed at increasing housing stock to ease the pressure of housing stress facing many Tasmanians,” Madden said.
“New affordable housing to the Greater Hobart area cannot come quick enough.”
Ellington Developments is a Tasmanian-based development company, predominantly focussed on development within Tasmania.