Tasmania records strongest sales month in half a decade: REIT

Tasmania records strongest sales month in half a decade: REIT
Tasmania records strongest sales month in half a decade: REIT

The June Quarter Property Report from the Real Estate Institute of Tasmania has recorded the highest number of house sales for a quarter in four years – that is, since the 2010 June quarter. It was also the strongest month since June 2009.

A 5.7% increase across the state was recorded, up 10.1% for the year, explained REIT president Adrian Kelly.

“Breaking these figures into regions, we see Hobart experienced a 23% increase, Launceston a 14.4% increase, while the North West Centres eased back for the quarter – down 4.8% on the previous quarter, but up 4.4% on the same time last year," said Kelly.

“Interestingly, Outer Hobart house sales increased by 53.8% for the quarter and 52.4% on the same time last year."

There was a decreased median days on market - dropping by eight days to 62 across Tasmania, and the median house price was recorded as being up 2% to $311,000 for the quarter.

Across the state, the most expensive suburbs included:

The three most affordable:

“Six municipalities also recorded a median house price higher than that of the state median ($311,000), these included Clarence ($358,000), Hobart ($490,000), Kingborough ($408,000), Latrobe ($334,000) and the Meander Valley ($315,000)," explained Kelly.

First home buyers recorded 17% of all house sales across the quarter, however Kelly expects a drop for the next quarter.

“Second home buyers continue to hold over half the market, accounting for 52% of house sales and a median house price of $338,120," he said.

“The report also revealed interstate and overseas buyers were down slightly to sit at 15% for the quarter.”

Jennifer Duke

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

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Tasmania

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