The Hobart property market continues in its role as Australian real estate’s star turn.
Property prices in the Apple Isle’s capital city bucked broader Australian market trends recording an increase in values of 1.2% for the past quarter and 6% for the year, according to the latest data from CoreLogic.
Better still for investors and homeowners in Hobart, with a median dwelling value of $464,168, the Tasmanian capital has moved past Perth ($442,716) and now has Brisbane ($489,832) well within its sights.
This remarkable performance is attributable to several factors including “improving employment opportunities, a flourishing tourism market, growing tertiary student numbers, and an alluring lifestyle destination [that] have generated continued growth and demand at levels we are struggling to meet,” said Real Estate Institute of Tasmania President Tony Collidge.
Tony also suggested that with a dire shortage of rental and sales stock it is difficult to envisage any short to medium change in current growth trends. As has been the case in the eastern states, Tony wants government and councils to help free up the building industry which is currently operating at or near capacity and release it from the shackles of planning bureaucracy “that has stymied residential development in this state.
“We need brave and strong leadership to tackle these issues.” It’s not hard, and it just needs someone to make a decision.”