I would like to share with you the extraordinary rise and fall of real estate values in Hobart in just seven years.

In May 2003, No 12-16 Bathurst St was purchased for $410,000; in July the same year No 55 Campbell St was bought for $1,098,000, both properties at market value. Market Place Car Park P/L sold the Bathurst St property in 2009 for $3.5 million and in 2005 the Campbell St property sold for $3 million.

The purchaser of the properties was the University of Tasmania. If you are flabbergasted by the extraordinary increase in the value of both properties I’m sure you’ll find the steep decline in property value just as baffling. UTas also bought four other properties, on the same block, during the same period, for millions of dollars over their market value.

No 57 Campbell St, which is situated on a corner and both the above properties are on either side. In April 2010, the university showed interest in purchasing the property and engaged a respected real estate agent and real estate consultant, to act on its behalf. The owners of 57 Campbell St used a solicitor to act on their behalf.

Now this is where the story gets very interesting. The valuer said … “that in the hypothetical event that the University did not own the rest of the block that he believed $1 million would be the appropriate fair market value”…

That certainly brings up more questions than answers. Why did UTas pay millions of dollars over valuation?

And HCC wouldn’t tell us what UTAS paid for the ratepayers’ land in Melville St …

PropertySalesReport-13833409.pdf

*Mal Graham has been a resident of Tasmania for 18 years; an avid newspaper reader, and is trying to figure out why those in charge of our money feel compelled to give it to a select few …