The Hobart housing market continues to be Australian real estate’s star performer, according to a recent industry report.
The latest CoreLogic Home Value Index - Monthly Indices indicated that the Tasmanian capital’s housing market is growing by a robust 13.57% annually to the end of April, followed by Hobart’s apartment market with growth of 8.22%
Meanwhile, across Bass Strait, new REIV data for the three months ended 31 March 2018 reveals that the median house price in Middle Melbourne exceeded seven figures for the first time - $1,034,000 - an increase of 4.2% from the previous quarter. Overall, the median house price across metropolitan Melbourne rose for the eighth consecutive quarter, up 4.4% to $855,000.
This result represents an increase in the median Melbourne house price of 10.9% over the past twelve months. “The results from Melbourne and Hobart are very pleasing and are no doubt attributed to continued population growth in those cities and low interest rates at historically low levels,” said Angus Raine, Executive Chairman, of leading real estate group, Raine & Horne.
“Low interest rates coupled with population growth augurs well for markets such as Melbourne and Hobart where first timers, repeat buyers and investors are continuing to take opportunities to achieve their property dreams,” he added.