Mixed June quarter results for Tasmania's property market

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The June quarter was a mixed bag for Tasmania's property market, with an increase in sales but a drop in median values.

For the three months to the end of June, Tasmanian house sales were up 1.7% compared to the previous quarter and up 7.8% compared to the same time last year according to figures from the Real Estate Institute of Tasmania.

The Tasmanian median house price fell 1.6% for the quarter, down $5000 from $310,000 to $305,000.

Looking across the state, the North West Coast was the best performing region for the quarter in terms of sales and median prices.

The region had a massive 26.5% increase in sales over the quarter and its median house price rose from $240,000 to $246,500.

The Greater Hobart region was hit by a 3.8% quarterly decrease in sales and a $6000 drop in its median house value from $382,500 to $376,500.

Launceston experienced a 4.5% drop in sales over the quarter, but it was by far the best performing area in terms of median values, as it the median price for a house in the city jumped from $270,000 to $285,000.

The June quarter also saw interstate and overseas buyers purchase 324 houses in Tasmania, which is a quarterly record.

Of the 324 sales, 97 were to property investors.

Over the quarter Unit sales increased in Hobart but declined in Launceston and on the North West Coast.

There were 275 sales in the June quarter compared to 313 in the previous. Median prices dropped from $257,000 to $247,500

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