Hobart and Launceston struggle to recover
The March Quarter data shows a decrease of only 0.2% in house sales across the state. Whilst this figure is encouraging, it is still 12.3% down on the same time last year. The median house price for Tasmania decreased 1.6% from the previous quarter, and is now at $300,000. The Unit / Townhouse market also suffered, with the median falling by 10.5% over the quarter to $232,750.
Despite seeing an increase of 1.6% in house sales for the quarter, Hobart’s median house price has also seen a decline over the quarter, falling 3.3% over the quarter to $353,000. Hobart also experienced the largest decline in Unit / Townhouse medians, recording a drop of 14.0% over the quarter to $255,000.
Following the states trend, Launceston saw a decrease in the number of house sales, falling 0.9% over the quarter. Like Hobart, Launceston experienced a decrease in the median house price in Q1, dropping by 4.8% to $266,000.
Not all bad news
Despite the overall market remaining sluggish, 11 municipalities reported an increase in their median house price for the quarter, with six currently holding a higher median house price than the state-wide figure.
The North-West centre also bucked the State’s trend, reporting an increase in median house prices for Q1 of 12.9%, to $254,000. This is despite reporting a decrease of 12.7% in the volume of house sales. This is likely due to the municipality of Devonport recording a median increase of 17.3% to $262,750. Devonport is attributed to around 50% of sales in the North-West centres.