Robust demand pushes prices in Hobart

By Gerv Tacadena | 11 Jun 2021

The Hobart housing market has remained active in recent months, with both interstate and local owner-occupiers taking advantage of the favourable selling conditions, said an expert from Herron Todd White.

Mark Davies, a property valuer at HTW Tasmania, said the city is becoming a hotspot for sea and tree changers and investors.

“It is often reported that interstate purchasers are buying now with the intention of moving to Hobart in the foreseeable future with cash in their back pockets after selling their mainland dwellings for a hefty profit and working from home where allowable,” he said.

CoreLogic figures show that over the month, the median dwelling price in Hobart increased by 3.2% to $574,543. On an annual basis, the median dwelling price has grown by 16.5%.

Davies said investors who are looking for lower-priced deals are going out to the outer suburbs. Still, these investors are expected to pay at least 10% over the asking price.

“Conversations with leading rental managers indicate that rental values are starting to level out due to affordability issues, but the demand is still there with high levels of inspections taking place,” he said.

Midway Point, Sorrell, and areas around Claremont are some of the most popular outlying suburbs that investors consider.

Davies said it is crucial for buyers to research the market before making an offer.

“Simply put, anything with a roof over the top over it, that is habitable and rentable, is hot property right now,” he said. “As always, seek independent advice prior to making a decision regarding investing in this piece of paradise called Tasmania.”

Top Suburbs : west wodonga , leumeah , werribee , north epping , toowong


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