Tasmanian real estate continues to deliver

FEBRUARY 16, 2020

Healthy market conditions continue to prevail in Tasmania with the Hobart market growing by 3.4% in the three months to 31 January, according to the latest CoreLogic Home Value Index.

Only Sydney (5.6%) and Melbourne (4.9%) finished ahead of the Tasmanian capital.

The robust result in Hobart was underpinned by a 6.3% surge in house sales across the state during the December 2019 quarter, according to research from peak industry body, Real Estate Institute of Tasmania (REIT). The inner Hobart suburb of Sandy Bay produced the state’s highest median sale price at $1,050,000.

Tasmania’s rental market continued its robust form in the last quarter of 2019 with a statewide median weekly rental of $360 for houses and $310 for other dwellings, noted REIT. In Hobart, the median weekly rental price for three-bedroom homes was $450 after a 9.8% increase, while a 3% rise in Launceston left median rents at $340 by the end of 2019.

“The December quarter certainly reflects an active marketplace across both sales and rentals with an emphasis on supply and demand,” noted REIT President Mandy Welling.  “We could expect this level of data whilst the demand in the state is considerable, and supply is low.”