The Real Estate Institute of Tasmania has just released their latest December Quarter results for 2015, which identified that Tasmania’s property market grew over previous quarters. With increasing median prices and sales numbers for Hobart, North-West Centres, Launceston and Devonport, the state continues to build momentum and grow. High sales have been recorded for the North West Centres and Launceston with an increase in median prices for houses.
Tasmania’s median house price
The median price for houses in Tasmania saw a rise of 3.2% bringing it to $320,000, which hasn’t been reached since the December quarter of 2010. Hobart, Launceston and the North-West Centres also saw an increase with the North-West Centres median prices increasing the most at 10.9% ($260,000) for the year, while Hobart increases by 8.9% ($392,000) and Launceston increasing by 2.1% ($290,000).
When compared to other capitals in Australia, Tasmania proves to be the cheapest with the median price for houses in Hobart being 40% lower than Sydney’s, 55% lower than Melbourne and 79% lower than Brisbane. The closest competitor to Hobart is Adelaide, with a mere $43,000 difference between the two.
Tasmanian property sales
Tasmania proved that 2015 was the year to purchase houses with 9,370 sales, an increase of 11.9% from 2014. This is the third consecutive year sale numbers have grown. North-West Centres increased sale numbers by 61.1% from the previous year, and Hobart saw a 5.5% increase. There was a large increase in sales for Launceston, for both the quarter and the year, at 20.3% and 19.4% respectively.
Click here to view some of the Tasmanian properties sold last quarter which contributed to the state’s increased median price.
REIT President, Tony Collidge states the current market position of Tasmania’s real estate, saying “Positive economic conditions and heightened consumer confidence have been a catalyst for further improvement in the residential Real Estate market across Tasmania”.
With continual growth shown over the past three years, it is a clear indicator that the Tasmanian property market is in strong demand. With favourable economic conditions, increasing customer confidence, low interest rates and decreasing unemployment, the market is going to continue to expand and grow in 2016 and beyond.
Click here to find properties currently for sale in Tasmania.