Tasmania on track to beat sales record

By Gerv Tacadena | 23 Oct 2020

Tasmania's housing market has started to witness its market activity return to pre-COVID-19 levels, according to the Real Estate Institute of Tasmania (REIT).

The state appears to be on track to hit its ninth consecutive record year of overall sales value, which is expected to go over $4.1bn.

Over the September quarter, both house and unit segments reported growth in sales, up by 32% and 39.1%, respectively. Land sales also posted a significant gain at 70.1%.

The state also recorded increased activity from first-home buyers, with sales to the segment increasing by 48.4%.

If there is one segment that has shown weakness during the period, it would be interstate buyers. They comprised less than 10% of all sales in the quarter, 70.7% below the pre-COVID-19 activity levels in the segment.

REIT CEO Mark Berry said mainland buyers typically comprise 20% to 23% of total sales. However, throughout 2020, local buyers have driven the local market activity, accounting for more than 90% of transactions.

"The lack of properties for sale has seen unprecedented pressure placed on prices which continue to rise," he said.

Berry said the limited supply of homes has led to many buyers shifting their focus to buying vacant land.

"The fact that 1,705 land sales have occurred this year should provide confidence to the government and the building industry for the future ahead," he said.

Top Suburbs : coorparoo , lalor park , goulburn , west rockhampton , glendenning

SHARE

Get help with your investment property


Do you need help finding the right loan for your investment?

When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.

Just fill in a few details below and we'll then arrange for a local mortgage broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus an appointment is free.

 
How soon would you like a mortgage?
What is your Annual Household Income i $
Do you currently own any Investment Properties?
Do you own your own residence?
How much equity do you have in all your current properties?
First Name
Last Name
Where do you live?
What number can we reach you on?
E-mail address
We value your privacy and treat all your information seriously - you can check out our privacy policy here