Australian Property News

$85m project boosts Tasmania’s property prospects

Posted on Tuesday, February 12 2013 at 11:21 AM

Tasmanian property has some longed-for good news with the State Government approving a major residential project near the capital.

Premier Lara Giddings has announced planning approval for a multi-million dollar development on the Claremont Peninsula 11.5 kilometres north of the Hobart CBD.

"This is a very exciting project and one of the most significant residential developments we have seen in southern Tasmania in recent times" she says.

The proposal is set to provide a lift to an economy that has had to contend with a recent bushfire disaster and lacklustre property market performance.

"It will provide a boost to our construction industry, create hundreds of construction jobs and stimulate the property market.”

Stage one of the project comprises the construction of 50 three-bedroom and 25 two-bedroom apartments in five residential towers.

The venture will incorporate a major expansion of the existing golf club as well as a hotel and a marina.

"This will transform the area into a fantastic residential, tourism and sporting precinct," she says.

Tasmanian Deputy Premier Bryan Green says the project had been approved by the Glenorchy City Council but was subject to approval by the Tasmanian Planning Commission to rezone the land from recreational to residential and this has now occurred.

"The government has already delivered a statewide planning template, new residential building code and regional land use strategies. We are now also working on a new statewide code for construction of villa units and townhouses.

"This reform is a huge step forward and is being achieved in cooperation with local councils and their communities.”

The news should bring some relief to property market participants who have seen softer median prices and a lack of buyer confidence over the past year.