Tasmania Offers An Island Haven for Historic Home Buyers

Some of Tasmania’s old world homes are up for sale, with their well-preserved and restored colonial pasts still intact and ready for their next owner.

But those looking to purchase a piece of the Apple Isle’s history will need deep pockets, up to A$15 million (US$11.9 million), in some cases, to secure the properties.

The latest example to hit the market is the 1887-built Stoke House in New Town, less than 5 kilometers from Hobart and listed for sale for the first time in more than 15 years.

Constructed from sandstone that was shipped to Australia from England and Scotland, the stately manor has more than 1,000 square meters of internal space.

EIS Property real estate agent Deb Stephens said the home has been restored to the highest possible standard and feels like a country estate given its landscaped grounds and privacy.

More:Australia’s Real Estate Finally Cools After Years of Surging

The home is being sold via an expressions of interest campaign and has attracted national and international interest.

No price guide has been given for the Stoke Street home. However, New Town is one of Hobart’s most sought-after suburbs with a median house value of A$597,500 (US$472,742) according to Real Estate Institute of Tasmania figures, having increased 17.2% in 2017 in the past 12 months.

Separated by Bass Strait and 240 kilometers from mainland Australia, Tasmania's isolation and small population has helped preserve its heritage buildings with several rare examples of colonial buildings, many built with convict labor.

In North Hobart, on Swan Street, owners Annette Douglas and Clint Johnstone’s are selling their sprawling 1890s Victorian Italianate home after 21 years. It is listed for A$2.5 million-plus (US$2 million-plus) expectations with brokerage Charlotte Peterswald for Property.

Completely restored, the Paton Brothers-designed property has six bedrooms and three bathrooms. It took six months to remove the rear fire escapes, rip up the carpet and completely rewire and replumb the interior.

A heritage order on the front facade restricts any changes, preserving its elaborate bay windows and iron lacework. An architecturally designed rear with a huge wall of glass to capture light and sun has given the property a contemporary edge.

Its interior still has many historic features, including ornate parapets, mouldings, intricate ironwork and detailed mantle pieces restored within its many formal rooms.

Described as a "brilliant place to bring up a family" by the vendors, its location puts it within walking distance of Hobart’s central business district and the burgeoning North Hobart café and restaurant hub.

As the current darling of Australia’s tourism industry, Tasmania has seen record growth in national and international visitor numbers over the past 12 months. In December, its capital city, Hobart, was considered the third most desirable place to visit in Australia behind Sydney and Melbourne, according to a consumer research survey conducted by Roy Morgan Research.

The boost has coincided with a booming property market, with a double-digit increase in real estate value in the past 12 months.

More:Despite Slowing Market Overall, Australia Saw Eye-Popping Real Estate Deals in 2017

CoreLogic revealed Hobart property prices rose 12.3% in the 12 months to Dec. 31, almost triple the national average of 4.2% and quadruple Sydney’s 3.1%.

However, at A$403,800 (US$319,500), Tasmania’s median house value is still the lowest in the country, and the average time it takes to sell a property is as low as five days in some suburbs.

The island’s historic homes have long been a drawcard for predominantly interstate buyers who are attracted to their charm, features, often large parcels of pastoral land and favorable prices.

The state will have a new record price if Virgin Airlines co-founder Rob Sherrard achieves his A$15 million (US$11.9 million) asking price for the Lake House he is selling at Cressy, 50 kilometers southwest of Launceston.

The sprawling 490-acre property on Delmont Road underwent an intensive three-year commercial-grade restoration and renovation, which included the installation of new wiring and plumbing while the original red cedarwork around the windows, doors, skirting boards and fireplaces were stripped back and polished.

Its new French-style conservatory and Myles Baldwin-designed terraced garden and new plantings of oaks, elms, horse chestnuts and conifers conjures up visions straight from the pages of a Jane Austen novel.

More:Sea, Sand and Seclusion on 55 Acres in Tasmania

Built from convict labor in the late 1820s using bricks fired on the property, it is considered one of Australia’s finest colonial examples of neo-classical Greek Revival properties with eight bedrooms, eight bathrooms, under 1,000 square meters of roof.

Never used for commercial purposes, it’s been used as the Sherrard family home for several years.

"While I love historic homes, I don’t like the total authentic historic living experience," Mr. Sherrard told Mansion Global. "It’s nice to be able to revive the house, keep it authentic and make it liveable at the same time. That gives me great satisfaction."

Listed with Insitu Property real estate agent Kristi Seymour, the property doubles as an income-producing farm with exceptional soil that has in some years produced double crops and two harvests a year, according to Mr. Sherrard.

Tasmania’s Victorian and Georgian grand mansions allow buyers the promise to escape the humdrum of everyday life, said Bushby Property Group director Eric Andersen.

More:Click to read more Australia real estate news

"People can buy down here what they can’t physically buy anywhere else," he said. "They can’t afford 150-year-old homestead on 60 acres in Melbourne."

"The lifestyle down here is a little bit slower and easier and if you’ve got A$2 million to spend, your aspirations become bigger and grander down here," Mr. Andersen said. "You can buy something you’ve always dreamed of."