The unusual circumstances amid the pandemic seemed to have worked in favour of the Hobart property market, as it continues to be one of the top options for interstate and expat buyers, according to the latest report from Herron Todd White (HTW).
Mark Davies, local property valuer at HTW, said Hobart has experienced record sale prices and short listing days. House prices, he said, have exceeded vendors' expectations. CoreLogic figures show that Darwin had the highest monthly gain in median price in June, up by 3% to $607,960.
"There is evidence of interstate purchasers further entering the market in the fear of missing out with the intent to purchase now, get relatively good rental returns and move to the Apple Isle at a later date," he said.
A high proportion of interested buyers in Hobart were expats.
"On two occasions recently whilst inspecting properties that have sold, the purchasers were expats from overseas wishing to move back," he said.
Cheaper suburbs in Darwin are performing well. Homes that are 20 minutes from the CBD and under $600,000 are popular among interstate buyers.
The prestige market is also attracting a lot of attention. The high demand and the lack of supply are pushing prices in this segment.
"This market in the past 12 months appeared to have been left behind due to uncertainty as to what the world’s circumstances may bring," Davies said.
Davies believes the future looks good for Hobart and the rest of Tasmania, especially given the low interest rate environment.
"An increase in interest rates may tell a different story. As property types to get into, it doesn’t matter. Be prepared to pay top dollar and don’t expect to be the only offer on the table. Remember to always obtain professional advice for your property adventures," he said.
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