The Tasmanian market remains strong for the quarter

Written by in Property News on August 9, 2016

The June quarter has shown Tasmania is going from strength to strength by recording the highest number of real estate sales in a quarter since March 2010, according to the Real Estate Institute of Tasmania.

Hobart recorded a $10,000 increase in median house sale price to $395,000 whilst Launceston and the North West Centres remain stable at $285,000 and $230,000 respectively. Increases were again recorded in the sale of units/ townhouses with Launceston prices increasing 22%.

1749 house sales were recorded in total across the state at a median price of $315,200; 319 units/townhouses at $258,000 and 394 land sales with a median price of $130,000.

REIT President, Tony Collidge, said that the result came as a surprise. “With Agents reporting stock shortages in most regions we expected sales to be down and prices to start moving upwards (which they have in Hobart). What we’re seeing in today’s market place is: a good level of buyer interest; a decrease in the number of properties for sale; and a general reduction in the time properties are taking to sell. There is good demand for property across all regions.”

Brighton, Central Coast, Devonport and Glenorchy Municipalities all recorded significant increases (greater than 20%) in house sales for the quarter. Brighton was a standout with the number of sales increasing by 55.8% to 67 sales.

Sandy bay retained the crown as Tasmania’s most expensive suburb with 23 sales at a median price of $800,000. Zeehan was our most affordable town recording 5 sales at a median price of $55,000.

The Tasmanian rental markets are performing strongly with vacancy rates below 3% and with most achieving yields above 5%.

REIT President, Tony Collidge, states “With positive economic conditions, strong consumer sentiment, and with the State Government’s focus on job growth, a positive environment exists for the local real estate market to continue to perform robustly and actively. With Australia’s cheapest housing, solid investment returns, and increasingly optimistic outlook for Tasmania, I remain positive on the direction where Tasmanian real estate is heading.”