- The new development is in New Norfolk - about 30 mins from Hobart CBD
- Residential phase includes 700 new homes
- House prices have increased significantly in the area over the past four years
In a bid to increase housing stock, and as part of the Tasmanian government’s $15.5 billion Infrastructure pipeline, the first slab has been poured at ‘The Mills’ residential development in the Derwent Valley, about 30 minutes from the Hobart CBD in New Norfolk.
The development represents a significant part of the state government’s $500 million into the region and will complement the target of increasing housing stock by 3,500.
The residential phase is set to deliver 700 new homes, with the overall development set to create over 1,000 jobs annually and boost the local economy, according to Michael Ferguson, the Minister for State Development, Construction and Housing.
“As more and more people discover the lifestyle advantages of living in areas such as the Derwent Valley, we have seen increasing demand for residential properties,” he said.
“One of these initiatives is our Headworks Holiday program, which is aimed at creating jobs and increasing housing supply in Tasmania.”
Michael Ferguson, Minister for State Development, Construction and Housing
New buyers for New Norfolk
Aside from the residential phase, future phases will include retirement living, accommodation and community facilities along with childcare and medical facilities – including a 100-bed facility hospital.
“I thank Noble Ventures for their vision to bring this project to life and I can’t wait to see these 700 homes built here in New Norfolk and the associated benefits to the Derwent Valley region,” concluded Mr Ferguson.
Like Hobart and much of Tasmania, demand for property in Australia’s smallest state has soared – even before the pandemic – as buyers sought the more relaxed lifestyle the state offers.
New Norfolk – 7140
[Select part of the chart to zoom in on various years, and ‘reset zoom’ button to return]
As the above SQM Research chart shows, while relatively steady for much of the last decade, since 2017 house prices increased significantly in New Norfolk, except for a dip in mid-2019.
The Weekly Asking Property Prices for all houses in January 2017, for example, was $228,527 – similar to the $257,030 figure recorded at the beginning of the decade in January 2010. By March 2021, this figure had increased to $410,449 (+80%). Per annum, asking house prices has increased by 10.2% for the past three years.
It should be noted, however, units have not risen as much over the past decade, although over a 12-month change, all units asking prices rose by more than a third – 34.2%.
