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Find your space
The election result
What does it mean for property?
The election has returned a majority We understand every customer
coalition government, and so the spectre is different, and we are focused
of Labor’s tax reform agenda is now on providing each client with the
dead and buried. People in the property best advice – tailored for them.
sector have expressed relief, and the
view that things will continue as before.
However, there will be some changes. and demand for housing stock is ensuring the market
remains buoyant. However, residential property prices
have dropped markedly in the two major mainland states,
The main policy initiative of the government, announced and are continuing to fall. There is now significant concern
during the election campaign, was to offer a fixed number being expressed as to the effect on the economy overall.
of first home buyers access to finance enabling them
to fund a deposit with only 5% of the purchase capital. Two other matters have been flagged that
The policy is intended to enable first home buyers to could have significant implications for the
access the market and buy their own home sooner. property market, nationally and here.
At a state level, the government has announced an The first is the suggestion that the RBA will drop the cash
extension of the $20,000 First Home Builders Grant rate next month (June) and possibly decide on a further
for another year. The grant was doubled to $20,000 reduction in August. The Governor of the RBA has made
in the 2016/17 State Budget, and was meant to noises to the effect that this may be a “good thing” for
operate for a limited time. That time has now been the economy. A lowering of interest rates by commercial
extended, and with $100 million already spent over the institutions will stimulate buyers and also potentially reduce
last 4 years, a further $12.7 million, enough for over investment return benchmarks that buyers are seeking.
630 payments, has been allocated in the budget.
The second is the suggestion by the banks’ governing body
These two measures will encourage greater interest in the APRA that the requirement for a 7% minimum interest
property market, and in the building of new homes. There rate serviceability buffer” for mortgage borrowing could
does seem to be some overlap between the two policies, be lowered. In the past, APRA has regarded the 7% rate
and whether that will continue is unknown. Some concern (or cap) as allowing for an appropriate buffer between the
has been expressed that demand is far greater than the RBA’s cash rate and the lending institution’s mortgage
available supply, and that the policy still requires homes rate. The general view is that the buffer needs to be only
to be built and therefore the builders to build them. around 2% in the current climate, and as such there is
room for an easing in the loan rate by removing the cap.
The State government has also recognised
that homelessness has become a serious issue, These two moves will no doubt create greater interest
and has now decided to allocate $68 million in in the property market and encourage potential home
the current budget to provide more affordable buyers and investors to become active participants.
housing stock. Details at this stage are scant.
With all of this happening in the next month
Figures suggest that the market in Tasmania is softening, or two, we remain optimistic that the property
but nowhere near the level being experienced elsewhere, market will remain in positive territory.
Page | 2 We are a full-service real estate agency covering all aspects of residential and commercial property
Building height issue continues to rise
The issue of building heights has become In particular he noted Hobart was not built on a flat
landscape but, existed within a basin that reached up
significant, with a range of proposals for into the hills beyond. He expressed the view that there
high rise buildings in and around the city were 5 discrete zones (“cove floor”, “escarpment”, “cove
face”, “hill face”, and “edge”) and that developments in
centre having been rejected by Council. each of these zones should be sensitive to the specific
characteristics of the site, as well as to their form and
A public meeting was held to discuss the issue. Central substance (eg height, bulk). He emphasised in his Report
to the discussion is a recommendation from the Hobart the concept of a “central” zone lying between the “cove
City Council’s Planning Committee that the height face” and the “hill face” zones, and of the type and form of
of all buildings should be restricted to 45 metres. developments that could occur in this zone, analyses block
by block. He made a specific recommendation that within
There are buildings which already exceed that height the CBD the building height should not exceed 75 metres,
and the fear expressed by many is that an uncontrolled due to visual amenity issues, and this recommendation
height limit will destroy the fabric of the city. In fact has been taken up by supporters and critics alike without
the issue is not simply one of height. Form, structure reference to other factors. Council officers, in a report to
and density also play a part, as does visual impact Council, recommended that this figure be reduced to 60
and visual amenity (described as view cones). All are metres (a figure recommended by Woolley for different
essential ingredients in this debate and these factors areas) and that recommendation has been amended yet
are at risk of being overlooked or discarded in a desire again by the Council’s Planning Committee to 45 metres,
to set an overall maximum height limit for the city. (a figure also suggested by Woolley for yet other areas).
Council has yet to make a final decision on this matter.
The “K” block development at the Royal Hobart
Hospital is a case in point. This monolithic structure In other words the nuance that was the driver behind the
abuts Campbell Street and dominates the surrounding Woolley report is in danger of being lost altogether.
landscape. It is a 10-storey building and stands 68.5
metres tall. But just imagine if a similar structure had been We support the Woolley Report recommendation.
built behind a three or a four-storey building. In such a We recognise that further development can occur in
circumstance the impact would be far less intrusive from the CBD without affecting the character and charm
a streetscape point of view, although its height would still of the city, and that such guidelines, if accepted,
have some impact on visual amenity from a distance. would give proper guidance to developers.
The council in 2016 sought advice from Leigh The full report can be accessed on the
Woolley, an architect and urban design consultant, Hobart City Council website.
who advised on the need to take such factors into
account, as well as landform characteristics.
Factors are at risk of being
These concepts were accepted by Council and
were written into the Council’s Interim Planning
overlooked or discarded in a
Scheme as amendments to the Scheme, and desire to set an overall maximum
these amendments were subsequently approved
by the State’s Planning Commission. height limit for the city.
Council then sought further advice from Mr Woolley,
who in 2018 provided a very detailed Building
Height Standards Report, which took into account
what could/should be built in particular parts of
the city. It truly is a seminal piece of work, a vitally
important planning document. It is a must-read.
p 03 6238 4800
devineproperty.com.au e info@devineproperty.com.au Page | 3
Short or long term tenancy management...
As a full-service consultancy, Devine We have found Devine Stays to offer a wealth
Property has helped thousands of of experience in the management of property.
clients enter the property market, They are presenting our beach house with
extra touches and a full professional service
buy their own businesses and expand
with regards to cleaning, maintenance and
their portfolio of investments. linen. Always great to deal with; their customer
service sets a very high bar. I have every faith
We are excited by the opportunity to present our
newest product Devine Stays, the accommodation that our property is in excellent hands.
management arm of our growing business.
Devine Stays offers a complete accommodation Fiona
management service for holiday letting/short stays/Airbnb
& corporate accommodation in and around Hobart.
We believe Devine Stays offers some critical points
of difference in ensuring that your property performs
to its full potential. Our market leading all-inclusive
management fee structure incorporating everything from
linen, consumables & cleaning to rates & distribution
delivers a superior service and impressive financial returns.
Years of experience underpin our new brand
and we are passionate about each and every
property we place in Devine Stays. We welcome
conversation with you on how Devine Stays can
assist you with your accommodation portfolio. Kat Little (L) and Libby Devine (R) of Devine Stays Fiona
“Devine Stays is the newest part of our business. It has
been an exciting and interesting journey for me personally
to be involved in the start-up with Kat.”
Libby Devine
“The opportunity to work with Libby & Mark to create
a new arm to their business has been exciting. With my
experience and passion for accommodation it’s a natural
fit.”
Kat Little
Let us help you find your space.
Connect with us today:
Devine Stays
p 0419 422 124
Fiona’s Stays property, South Arm
e stays@devineproperty.com.au
Find our space at
Page | 4 119 Harrington Street, Hobart
We have you covered
With over 80 years of combined experience in the Are you achieving the best return on your investment property?
industry, at Devine Property we know that there is Contact our Property Management Team for an up to date assessment.
no substitute for experience when it comes to the
successful management of property investment.
Property ownership is both a short and long term
investment. Maximising your properties return is
achieved through constant occupancy, prudent and
proactive maintenance process’, ensuring rental is at
the appropriate market levels and tenant selection.
Our experienced team is well placed to ensure these
objectives are met. We all like to think our investment
property is performing at its best – but is it? A second
opinion never hurts and in addition we can also consider
your properties appeal as a Devine Stays option which
may also enhance your investment performance.
Cheryl Bennett Harry Lambrakis
Property Management Property Management
Tanya Cornish Jacqui Allen Katrina Gleeson
Property Management Property Management Property Management
Some of our Stays include:
Elizabeth St Apartments, Hobart CBD Davey St Terrace, South Hobart
Yellow Brick House, West Hobart Mary St Terrace, North Hobart
p 03 6238 4800
devineproperty.com.au e info@devineproperty.com.au Page | 5
Iconic North Hobart Oval continues to evolve
The North Hobart Oval is a much
loved part of Hobart’s sporting and
cultural heritage. It has hosted royalty,
music and sport legends, as well as
major festivals and civic events.
One constant of the ground and its evolution has been
the North Hobart Football Club who have worked with
Hobart City Council, State and Federal Governments
to continue to adapt to changing needs of the public and
maintain the ageing infrastructure. The days of attracting
15,000 people to a footy final may have passed, but the
ground is very well placed to be a boutique stadium facility
that offers unique charm and history, as was well displayed
earlier this year by hosting the first AFLW match to be
played in Tasmania and televised to a national audience.
In recent years the oval has been resurfaced, including new
drainage, upgraded the power supply, replaced lighting to
allow night or twilight fixtures, installed new terrace seating
and rebuilt the Ryde St grandstand. All changerooms have
been remodelled to accommodate men’s and women’s
sports. The North Hobart Football Club has been able to
secure funding for the next stage of improvements. This
includes a new kiosk, an undercover wet area, new coaches
and media boxes on the Rydges side of the ground. A
lift is being installed into the Plaister stand and this will
improve access for disabled and aged patrons to the upper
level function room which hosts events on game days.
An objective of the improvements is to allow the facility
to become a venue of choice for many sporting codes
including “rectangle” based sports such as soccer and both
rugby codes. Melbourne Storm and Melbourne Rebels
have successfully played several pre-season games at
the oval and rate the venue very highly. But it does not
stop there, with the North Hobart Football Club already
eyeing off the next upgrade which is to improve change
room and gym facilities in the Gorringe stand area.
As with any community activity, so much is owed to the
volunteers and their relationships with other stakeholders
and, in this case, the relationships between NHFC, HCC
and governments have endured for well over the last 100
years! Devine Property is a proud partner of the North
Hobart Football Club and who knows, we may get back
to hosting 15,000 people at this wonderful landmark.
p 03 6238 4800
Page | 6 devineproperty.com.au e info@devineproperty.com.au
Tips for first home buyers
It has never been more difficult for the first home buyer to other common fees and charges on home loans, such as early payout
enter the market. However, with the recent softening of fees, establishment fees, monthly account keeping fees, or the benefits
of linking other products. It’s important to take a holistic approach when
the market and announced Federal Government deposit choosing a Home Loan Provider.
guarantee assistance, maybe the time is right to move.
We turned to Peter Brazendale to provide some guidance, What advice do you have for a first home buyer?
on how best to plan your first property purchase. Our number one tip for First Home Buyers is to be prepared and seek
expert advice from a lender and obtain a Pre-Approval of Finance prior
to commencing your property search. We can help you to understand
How is MyState Bank helping home buyers? what’s involved in the loan process and how much you can borrow.
At MyState Bank, we don’t just want to write the loan and then wave Gone are the days when a deposit of 20% was necessary to secure a
goodbye. We know that people’s personal circumstances change over home loan. Now, with the availability of Lenders Mortgage Insurance
the lifetime of their loan and we want to support our customers for the - insurance that protects your lender in the event you can no longer
long term. That’s why we start each loan getting to know each of our pay off your loan - the deposit amount required is much less strict. In
customers’ needs via a “Discover” session. By better understanding what some cases, you only need a minimum of 5% of the value of the home.
your goals and personal circumstances are, we can tailor your lending and However, we always recommend you aim for around 10% as a starting
overall banking to better suit your individual needs. point, so you can set a savings goal. The more you save, the less you have
As local lenders we also know what’s happening in the Tasmanian market. to borrow, and the less you’ll pay in interest over the life of your loan.
We’re experienced and here to help any customer, whether they are There’s no doubt that there are many different options and things to
looking to purchase a home for the first time, purchasing land, wanting to consider when it comes to choosing a loan. It’s worth exploring all of your
build or upsizing or downsizing their home. options to make sure the one you choose suits your circumstances and
What is the most important factor when it comes to choosing the right that’s where we can help. Knowledge is power when it comes to creating
loan? your own success.
We find that many customers think rate is the most important factor Visit mystate.com.au for more information.
when choosing a loan. However many often don’t take into account
Peter
Brazendale
Mobile Home Lending Specialist
Peter Brazendale is your Mobile Home Lending Specialist in Southern
Tasmania, with over 30 years industry experience, he specialises in:
• House & Land Purchases
• Refinancing
• Construction Loans
At MyState Bank, we know the local housing market and lending conditions, which
gives us that little bit of extra understanding to allow us to find the right loan for you.
Call Peter anytime on 0419 376 040 or
Keep up to date with new first email peter.brazendale@mystate.com.au
home buyer opportunities. Register Loan applications are subject to MyState’s credit approval criteria. Terms and Conditions, Fees and Charges apply, and
your details on our website. are subject to change. MyState Bank Limited (MyState) ABN 89 067 729 195 AFSL 240896 Australian Credit Licence
Number 240896. A wholly owned subsidiary of MyState Limited ABN 26 133 623 962.
Any outlooks in this publication are predictive in character. Whilst every effort has been taken to ensure that the assumptions on which the outlooks given in this publication are reasonable, the outlooks may
not take into account known or unknown risks and uncertainties. Material contained in this publication is an overview or summary only and it should not be considered a comprehensive statement on any matter
nor relied upon as such. The information and any advice in this publication do not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness having
regard to these factors before acting on it. MyState Bank Limited (MyState Bank) ABN 89 067 729 195 AFSL 240896 Australian Credit Licence Number 240896. A wholly owned subsidiary of MyState
Limited ABN 26 133 623 962.
Devine Property Find us on Facebook and Instagram
Find your space @devinehobart Page | 7
Commercial - For Sale
PRIME HOBART STRIP RETAIL
42-48 Elizabeth Street Mall, Hobart
This property, which occupies a dominant Hobart
Elizabeth Mall frontage, provides a secure investment
as well as longer term development opportunity.
Offering three levels (partly underutilised), the property
benefits from a very strong and secure income of which
70% is provided by blue chip tenant Telstra. The site of
685m² in addition to frontage of almost 21 meters to the
mall benefits from ROW access off Collins Street.
Enquire
Mark Devine
0438 133 950
290-296 Argyle Street 216-218 Liverpool Street 319 Elizabeth Street 644 Sandy Bay Road
North Hobart TAS Hobart TAS North Hobart TAS Sandy Bay TAS
105 Murray Street 6941 Lyell Highway Shop 32/77 Salamanca Place 1807 Bruny Island Main Road
Hobart TAS Ouse TAS Battery Point TAS Bruny Island TAS
Page | 8
Residential - For Sale
MOONAH MAKEOVER
7 Hurlstone Crescent, Moonah
We challenge you to find better value for money in today’s
market. Here’s a freshly renovated, instantly appealing,
as new home, with spacious interior design. Offering an
expanse of light, warmth and space with views across
to the bridge from the balcony. This 1950’s home is
ideally located for work and play in any area, with close
proximity to either Moonah or Glenorchy’s shopping
precincts, or the city – all just a few minutes’ drive away.
Early-mid $400,000’s Enquire
Marcus Freebody
0409 973 632
3/17 Melissa Street 15 Laurel Street 455 Huon Road 25 Princes Street
Brighton TAS Risdon Vale TAS South Hobart TAS Sandy Bay TAS
SOLD SOLD
1/327 Park Street 153 Goulburn Street 122 Hill Street 307 Strickland Avenue
New Town TAS West Hobart TAS North Hobart TAS South Hobart TAS
Page | 9
The Devine team
Libby Devine Kat Little Craig Sullivan Jo Harris Marcus Freebody
Director Property Representative Property Representative Property Representative Property Representative
Mark Devine
Managing Director Heather Mason Libby Jessup Daisy Twaits Rod Thornton Gary Cooley
Property Representative Property Representative Property Representative Property Representative Property Representative Property Representative
Tanya Cornish Harry Lambrakis Jayne Fox Benitta Bones Alistair Davis
Property Representative Property Representative Administration Office Manager Marketing Manager
Cheryl Bennett Jacqui Allen Katrina Gleeson Sara Pitera Fleur Hilton Julie Arnold
Property Representative Property Representative Property Representative Administration Sales Administration Trust Account Manager
Connect with us today:
119 Harrington Street
Hobart TAS 7000
p 03 6238 4800
e info@devineproperty.com.au
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