The Tasmanian Real estate market continues to buck the national trend and has recorded its eighth consecutive quarterly record for the value of property sold and the highest number of transactions in a decade, according to the latest research from the Real Estate Institute of Tasmania.
Amid speculation that the local market could not continue to sustain its momentum the June 2018 quarter not only record its highest level of sales (3083 transactions), it amassed a record cumulative sale value of $1.78 billion.
Median House prices increased across all regions in Tasmania over the past 12 months with Hobart up 17.7% (to $506,000), Launceston up 16.1% (to $339,000) and the North West Centres up 11.6% to ($278,000). Unit sales also recorded growth for sales (+4.9%) and prices (+5.8%) over the period.
A perceived shortage in established dwellings for sale has seen a surge in the sale of vacant land. Land sales in 2018 (1088 lots) are 20.4% higher than at the same time in 2017. First home buyers were prominent among the land charge acquiring 170 lots while upgraders purchased 560 lots. Investors and developers bought the balance.
Investor activity grew slightly over the quarter (up by 1.0%) to 23% of all transactions Launceston retained its crown as residential investment capital of Tasmania with 33% of its total sales snapped up by investors. Hobart was second with 28%, and the North West with 23%. The median purchase price for investors was $305,000.