Rose Britton recently bought her first home in Lindisfarne. Latest REA Home Price report has been released. Picture: Nikki Davis-Jones
Optometrist Rose Britton is just days away from a dream coming true.
Next week she will receive the keys to her first home.
The 25-year-old has purchased a unit on Hobart’s Eastern Shore after house hunting, on and off, for about one year.
Combined with extra time to save and a promotion, she said the Tasmanian Government’s stamping out of stamp duty for young buyers had an impact on her ability to afford to put a foot on the property ladder.
“Not having to pay duty was huge, it made all the difference to my borrowing capacity,” she said.
“I also spent the past nine months house sitting for friends, which meant not having to pay rent while also saving for a deposit.
“That’s my best tip for young buyers who are looking to buy their first home.
“You can save more money and you can get a feel for what you like and don’t like in a home or an area.”
Ms Britton said her mortgage broker was also invaluable in helping her navigate the industry’s jargon and what financial schemes were available to help.
Ms Britton bought through Fall Real Estate agent Justin Parr, who said there had been competition to buy her property.
“Helping a young person into their first home is genuinely always the highlight of the week,” he said. “It was a great result.”
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Rose Britton at her new home. Picture: Nikki Davis-Jones
In the latest PropTrack Home Price Index, Hobart and regional Tasmania’s dwellings — houses and units combined — posted annual growth figures of 1.33 per cent and 3.75 per cent.
Monthly, Hobart was down slightly by 0.03 per cent and the rest of Tasmania by 0.01 per cent.
With its $668,000 median home price, Hobart is almost Australia’s most affordable capital city, behind only Darwin.
With a median dwelling price of $517,000, regional Tasmania remains one of the more affordable options, however, prices are now 59 per cent higher than they were in March 2020.
Eleanor Creagh, REA senior economist.
REA Group senior economist Eleanor Creagh said she expects prices to lift and interest rates to fall further this year.
“The prospect of interest rate cuts has already buoyed sentiment,” she said.
If there are more RBA cuts to come, Mr Parr said it will only improve buyer confidence.
“There are signs of this having started already, there is more positivity from purchasers,” he said.
Agents Justin Parr and Sarah Parr from Fall Real Estate. Picture: Supplied
“In the current market, a property must be priced on-point.
“Any properties around $500,000 and up to $750,000 for first-time buyers will see good open homes numbers and inquiries.
“We have also seen strong competition in the higher end market.
“Buyers from Queensland and Western Australia have been making inquiries, looking to downsize and make the move here.”
| PropTrack Home Price Index February | ||||
| City | Monthly growth | Annual growth | Change since March 2020 | Median Value |
| Sydney | 0.50% | 2.66% | 38.60% | $1.094m |
| Melbourne | 0.67% | -2.50% | 15% | $774,000 |
| Brisbane | 0.29% | 10.21% | 80.90% | $870,000 |
| Adelaide | 0.33% | 11.91% | 81.70% | $793,000 |
| Perth | 0.02% | 13.12% | 81.20% | $766,000 |
| Hobart | -0.03% | 1.33% | 37.10% | $668,000 |
| Darwin | 0.33% | 2.57% | 30.40% | $509,000 |
| Canberra | 0.20% | -0.33% | 35.40% | $834,000 |
| Source: PropTrack – all dwellings | ||||
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