Hobart’s house and unit prices continue to surge

Hobart’s house and unit prices continue to surge
Real Estate


Hobart’s median dwelling price is now above $474,000. Picture: PATRICK GEE

HOBART’S median dwelling price has posted a record high.

New CoreLogic data released today showed the southernmost capital city’s median for houses and units combined tipped the scales at $474,186.

That is over $8000 higher than the previous peak price set in August.

Hobart’s median now sits $17,305 below Brisbane, and is higher than Perth by $37,106, Adelaide by $40,341 and Darwin by $86,168.

Throughout the year, CoreLogic’s monthly Home Value Index reports have shown annual median price growth in Hobart every month.

The peak was in January at 7.4 per cent before an April slide brought the growth figures down to 3.8 per cent. By June it was 2.8 per cent and most recently the October figure was 2.6 per cent.

However, in the latest report Hobart posted a turnaround with annual median growth at 4.2 per cent in November.

Regional Tasmania also performed well with 4.9 per cent annual growth.

Three of Australia’s top four non-capital SA4 regions were in Tasmania with annual price growth of 5.9 per cent in the West and North-West, 5.3 per cent in the South-East and 4.1 per cent in the Launceston and North-East region.

In the spring quarter, Hobart’s median grew by 2.8 per cent, behind 3.2 per cent in Canberra and more than 6 per cent in Melbourne and Sydney.

The report found Hobart had the largest annual increase in rents at 5.8 per cent. The city’s 5 per cent rental yields were only eclipsed by Darwin while regional Tasmania yields placed fourth highest (5.4 per cent) when comparing state by state.

NEW REIT President

Real Estate Institute of Tasmania president Mandy Welling is happy see Tasmania’s regional areas performing well.

Real Estate Institute of Tasmania president Mandy Welling said the success in the regional areas jumped off the page.

Having travelled to Devonport at the weekend for a function she said it was “really exciting” talking to the North-West Coast agents with the “positive growth they are experiencing”.

“It’s good to see such a strong market in the regional areas,” she said.

“The rental detail in the report is an accurate reflection of what is happening in our market.

“It was no surprise to see a 5.8 per cent annual increase in Hobart.”

CoreLogic head of research Tim Lawless said advertised stock levels were persistently low, creating a sense of urgency in the market as buyer demand picked up.

Meanwhile, Tasmania’s building and construction sector leads the nation in building approvals data from the Australian Bureau of Statistics.

In the year to October 2019, the average number of building approvals per month was 269, 8.4 per cent higher than in the year to October 2018.

Building and Construction Minister Elise Archer said the value of residential approvals over the same period grew 12.5 per cent compared to the previous 12 months, with Tasmania the only state posting positive growth figures.

HOME VALUE INDEX NOVEMBER 30

City, Change in dwelling values per month, quarter, annual, median value

Hobart, 2.3%, 2.8%, 4.2%, $474,186

Sydney, 2.7%, 6.2%, 1.6%, $840,072

Melbourne, 2.2%, 6.4%, 2.2%, $666,883

Brisbane, 0.8%, 1.8%, -0.5%, $497,491

Adelaide, 0.5%, 0.9%, -0.5%, $433,845

Perth, 0.4%, -0.9%, -7.7%, $437,080

Darwin, -1.2%, -1.1%, -10.9%, $388,018

Canberra, 1.6%, 3.2%, 3.0%, $611,841

Source: CoreLogic



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