Hobart home values rise at rapid pace to reach new high

HOBART’S high-flying home values climbed sharply in July to reach an unprecedented $621,102.

That’s over $130,000 more than at the same time last year.

The median, revealed Monday, is the southernmost capital city’s highest dwelling values figure on record.

It was $13,142 higher in July than June, and June was $33,417 higher than May’s median.

The report showed greater Hobart was expensive than Brisbane, Adelaide, Perth and Darwin but still $140,966 more affordable than Melbourne.

Just last week, the Real Estate Institute of Tasmania revealed a record $1.459 billion worth of property had been sold in the past quarter.

CoreLogic’s monthly Home Value Index put Hobart’s annual value growth at 21.9 per cent, which was second to Darwin. Hobart values rose 1.7 per cent in July and 8.2 per cent over the past three months.

Regional Tasmania’s property market was equally strong with the annual median pushing up by 22.6 per cent, just a stitch behind regional NSW (22.9 per cent).

The report found advertised listing numbers remain well below average.

CoreLogic research director Tim Lawless said with demand so strong, prospective buyers were “likely feeling a sense of urgency” due to the level of competition in the market.

Peterswald for property director Harry Coomer said lower stock levels in winter was typical but this had been compounded by an already thin market.

“Winter has been incredibly tough for buyers to find the right homes,” he said.

“Some people may have thought a slowing market from a stock point of view could put the brakes on our booming prices but it’s more likely been fuel to the fire.”

Mr Coomer described the one-year jump from $486,771 to $621,102 as “unreal”.

“Even with the flurry of property that we are anticipating for spring and summer, there is still an oversupply of buyers that will support rising prices,” he said.

Be the first to comment

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.