With Sydney and Melbourne grabbing attention for the improving fortunes of their property markets, Hobart is the best-performed capital city market over recent years.
According to the latest data from CoreLogic, Hobart has posted the nation’s best annual change in home values for 20 consecutive months.
CoreLogic’s latest Home Values Index revealed 2.8% annual growth in Hobart, compared to 1.4% in next best Canberra.
The attraction of Hobart remains its affordability compared to the mainland capitals. The median dwelling value in Hobart is $451,191, according to CoreLogic, compared to almost $776,000 in Sydney.
It’s Hobart’s affordability that is contributing to the eagerness of first timers to snap up a home, noted a recent report from valuation firm, Herron Todd White. “Our young future leaders are eager to step onto the property ladder. Firstly, we have those who want to take advantage of the $20,000 government grant available for new homes.”
In Hobart, Herron Todd White says middle and outer ring suburbs will attract first home buyers simply because that is where land is affordable. These suburbs include Austins Ferry, Old Beach, Brighton, Oakdowns and Kingston In the north, Legana, St Leonards and Kings Meadows will be the go-to regions for first timers.