Tasmania is the only broad region across the country whose house prices continue to reach a record high, with the median dwelling value of the state’s capital at $445,235.
Tasmania’s regional markets cover three of Australia’s top four best annual growth results—from 5.5% to 7.6%.
Hobart, meanwhile, was named the nation’s strongest-performing city for the 19th consecutive month. The city posted annual growth of 3.4%, similar to the April results of 3.8%, according to CoreLogic’s May Home Value Index.
On a monthly basis, though, Hobart values dropped in April and May recording decreases of 0.9% and 0.4%, respectively
The declines caused Hobart’s quarterly rate of change in median values to hit the negative territory for the first time since 2016. Hobart’s median dwelling value was $445,235 but was still higher than Adelaide, Perth, and Darwin.
Continued cooling in Hobart home values would not be a shock, according to CoreLogic Research Analyst Cameron Kusher. CoreLogic also reported that rental prices in Hobart were rising at a nation-leading pace— up 4.9% annually.
“Approvals are picking up a bit, but there is a long lead time between approval and a building existing,” Kusher told realestate.com.au. “Investor numbers have been dropping off around the country, and part of that may have been the prospect of a change in government. Now that the dust has settled, we may see a bit more confidence from investors going forward.”
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