State tourism boom bolster’s regions hospitality market
The property market represents a degree of uncertainty of late, as interest rates have risen nationwide, along with the current cost of living crisis combined with inflation. These factors haven’t slowed Tasmania’s commercial hospitality market, however, as renovations, sales, and new listings mark what has been described as a ‘buoyant’ sector.
This follows as tourism was up a staggering 75% as of March 2023 in comparison to the same timeframe of the previous year, with over 1.3m interstate and international visitors flocking to the state during that time. In addition, the state received a staggering $3.96b spend from visitors; a number that sits 59% higher than that of the pre Covid 19 number of 2019.
Given this data, Hobart’s hyper-competitive commercial market is set to remain consistent, as the upward trajectory of tourism is projected to continue, with the recovery from the pandemic slowly trending towards normalcy. The hospitality sector is projected to climb, too, as visitors look for places to dine in the region.
Executing the sale of multiple commercial properties, along with suitable listings that have either been leased or are currently available, Devine Property remains at the forefront of the commercial property market in Hobart, with a versatile portfolio of properties on offer in which the demand is high.
With vendors in the region committing to the refurbishment of their current premises, combined with successful sales of properties along with a growing number of granted food licences state-wide, the only thorn in the side of the sector is the competitive nature of other markets, from the demand for office space, retail, and developments.
The drastic increase in tourist activity marks a significant influx of traffic and spend in the market, as the state capital continues to grapple with the added demand within the region, as business of all types vie for a slice of the commercial property market to reach the growing number of occupants.
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