In 2019, the Hobart real estate market continued to chug along as one of Australia’s best markets with growth of 3.9% just behind leaders Sydney and Melbourne that grew by 5.3%.
While the inner ring suburbs in Hobart evened off a little last year, according to a report by valuation firm Herron Todd White, they still achieved consistent growth in the order of 5%.
However, some of the other suburbs such as Oakdowns (western side of the river) achieved an outstanding lift of 22% in median pricing. The established suburb of Howrah recorded an 8% increase in its median house price to $535,000, noted Herron Todd White, and a 12% surge in the median unit price to $415,000.
In Launceston, the property market continued to motor along too. The northern Tasmanian city recorded growth across all price segments, led by Ravenswood a popular entry-level market, which logged growth in capital values in the order of 13%. The next best was the inner-city suburb of Newstead that achieved 11% capital growth, according to Herron Todd White.
Other standout performers in Tasmanian include the north-east centres of Bridport on the coast and Scottsdale, a rural town near mountain bike tracks. Both towns achieved capital growth of more than 15% in 2019.