Infrastructure projects across Tasmania including $45 million for the Hobart to Sorell Corridor and the Hobart Airport Interchange will be brought forward with a $173 million package that will boost the state’s economy by driving more jobs and support the local tourism and agricultural industries.
Ron Brooks, Director, Raine & Horne Tasmania says the package would also have a significant impact on the state’s real estate values, especially in the Sorell region where values could jump by as much as 8%.
The package that was announced by Prime Minister Scott Morrison late last month, also includes $46.4 million for Bass and Midland Highways, $40 million for the Port of Burnie Shiploader, and $41.9 million for the Midland Highway Upgrade, including upgrades at Spring Hill and Melton Mowbray to North of Lovely Banks.
Federal Minister for Population, Cities and Urban Infrastructure Alan Tudge says, “Accelerating funding to the Hobart to Sorell corridor will help us get work underway from early 2020 on the congestion-busting Hobart Airport Interchange, which will reduce delays on this busy section of the Tasman Highway and improve access to and from the state’s primary tourist gateway.”
Ron Brooks agrees: “Sorell is our fastest-growing municipality, and we have significant traffic problems there. Fast-tracking this project will be a great boon to a sleeper suburb such as Sorell and nearby Midway Point.
“The trouble with living in Sorell is getting to work every day. The 26-kilometre trip can take as long as 45-50 minutes during peak times and almost half that time in off-peak periods.
“It’s anticipated that the Sorell Corridor duplication could shave the peak time door-to-desk commute to Hobart by as much as 20 minutes.”
Currently, the median three-bedroom house price in Sorell is $400,000, and Ron expects to see generous growth in values now the Hobart to Sorell Corridor has been given the financial greenlight to begin.
Ron explains “It’s fair to expect that values in the Sorell municipality will grow by 5-8% due to this project. There is still land available in Sorell and Midway Point for development and demand from first home buyers and older upgraders for affordable to midpriced housing in this region.”
Project funding brought forward: