Like how a caterpillar transforms into a beautiful butterfly, our picturesque little island state at the bottom of Australia is constantly undergoing a state of metamorphosis–and we’re loving it! If it has been a while since you ventured from the suburbs to take a stroll through parts of the Hobart Central Business District (CBD) and some of the back streets, you might be fooled into thinking you’ve been transported to a whole another city; you’d be blown away with some of the new things you’d find! 

This week marks the celebration of Main Streets of Australia Week–a national campaign celebrating all that main streets and town centres provide to the community. We wanted to pump up the tyres of our city and their iteration of the celebration- the Back Street Week Community event. If you’re interested, the event is hitting Wellington Court with a swath of fun and engaging activities and entertainment to bestow, between 12pm-2pm each day on 15th-19th of May. 

From eye-catching graphics, fun and brilliant colours, and more seats to unwind, eat, and even have a drink while admiring the CBD from behind the main street, there’s so much to look forward to this week-long celebration. Not to mention, a host of live music featuring some of Hobart favourites: Django’s Tiger, Hugo Bladel, Southside Steppers, Billy Whitton Duo, and Emily Wolfe, can also be witnessed for free!

And if you want to make the most out of this event, a variety of artists, including a roving large band, circus, DJs, and VJs will light up the area on Friday afternoon and into the evening highlighting the celebration’s climax. What a fantastic way to welcome the weekend!!!

According to Hobart City Economy Portfolio Chair Louise Bloomfield, locals and guests can both ring in the weekend at Wellington Court, which is a great area for employees and shoppers to unwind throughout the week.

Similarly, David Painter, owner of Wellington Court eatery SUSH, agrees that the Court is a perfect spot for small night-time events. “With its sheltered nature, using lighting and acoustics at Wellington Court, you can really control the space and create fantastic events.”

“Hobart has a lot of small businesses that are quite unique and offer a really great experience for locals and visitors. We are really looking forward to bringing in some more vibrancy and energy to Wellington Court.”

Now that we have already taken a quick tour into some of the fun activities and events that you won’t want to miss in the Back Street Week, it’s time to delve into how these exciting changes occurring in Tasmania’s urban landscape can favourably impact real estate values for homeowners and those looking to become homeowners.

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What’s in it for real estate? 

Amidst this awe-inspiring community transformation, the real estate landscape finds itself in the midst of a golden opportunity. As Tasmania’s CBD back streets become lively hubs of activity, attracting locals and visitors alike, the desirability and demand for properties in the area are likely to increase. 

Additionally, the community spirit fostered by Main Streets of Australia Week creates a supportive and appealing environment that can further enhance real estate values. Truly, this makeover goes beyond simple aesthetics, reviving the housing market and providing an alluring opportunity for anyone seeking a piece of the extraordinary. The project intends to revitalise these frequently underutilised areas, making them lively and alluring locations for both locals and tourists.

The inclusion of enticing elements including pedestrian-friendly paths, stylish street furniture, green areas, and chic cafes and boutiques is part of this strategy. The CBD back street revitalisation effort seeks to increase foot traffic and stimulate local economic growth by fostering a welcoming environment. 

Residential properties’ appeal and desirability can considerably increase due to this, too. Since the idea of Wellington Court welcoming vibrant changes and lively events, what was once disregarded could potentially draw interest from prospective buyers.

Furthermore, since an influx of tourists, locals, and businesses can be expected, the demand for short-term rentals, including vacation rentals, Airbnb, and other lodging choices, may skyrocket. Given that they have already had the opportunity to experience what it is like to live in the area, this could open further opportunities for long-term rentals and residence.

Speaking of which, this potential for growth, increased property values, and a thriving local economy could make our little island an enticing investment destination. Smart investors understand the long-term advantages of being involved in a community’s change early on, setting themselves up to profit significantly as the neighbourhood thrives. 

The entire economic impact ripples across the community as residential properties become more sought-after, commercial spaces prosper, investment potential increases and the rental market widens. By keeping an eye on these developments and leveraging the opportunities they present, homeowners and future homeowners in Tasmania can position themselves to reap the rewards of this transformational period.

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In support of the Main Streets of Australia Week and the Back Street Community Event, some of our fellows and friends at 4one4 Property Co. will definitely enjoy themselves at the Wellington Court–so if you’d ever come across any of us there, feel free to say G’day!