Hobart home prices edge out major capitals in new data

Hobart home prices rose again this month. Picture: Supplied

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Hobart home prices have continued to stack small gain upon small gain.

PropTrack’s new Home Price Index shows a 0.6 per cent increase in values in October, following 0.8 per cent in September.

Annually, home prices in the southernmost capital city are 6.7 per cent higher than they were at this time last year.

This is a larger percentage increase than was recorded in Sydney, Melbourne and Canberra.

The research by REA Group senior economist Eleanor Creagh showed Hobart homes have added $37,800 compared to prices at this time last year, with the median now $682,000.

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REA Group senior economist Eleanor Creagh.

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Ms Creagh said Hobart was among the cities — alongside Darwin, Melbourne and Sydney — that have recorded the fastest acceleration in annual gains.

She said these previously softer markets are regaining momentum.

“Looking ahead, this year’s series of rate cuts, population inflows and the expanded Home Guarantee Scheme will continue to bolster demand,” Ms Creagh said.

“The market appears set for further price gains throughout spring and into summer.”

In regional Tasmania, dwelling values are at a peak price, with the median sitting at $530,000.

This figure is up by 6 per cent annually and 0.5 per cent through October.

Regional homes added $34,400 to prices over the past 12 months.

No.3 Admiral Ct, Blackmans Bay is listed with Peterswald at $1.6m-plus.

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Fall Real Estate has No.267 Whittons Rd, Kettering on the market for “Offers over $1.245m”.

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The report also found that median values are above half-a-million-dollars in every Tasmanian SA4 region.

Hobart is the most expensive at $682,000, followed by the South East ($584,000), Launceston and North East ($538,000), and the West and North West ($505,000).

The South East grew by 2.5 per cent annually, while the other regions all increased by more than 6 per cent.

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Meanwhile, 30 of Finder’s 35 experts polled in its latest RBA Cash Rate Survey expect the Bank to hold the rate at 3.6 per cent at Tuesday’s meeting.

This is a significant shift from the 69 per cent of panellists who forecast a November rate cut as recently as September.

Economist Saul Eslake. Picture: Chris Kidd

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Corinna Economic Advisory’s Saul Eslake said the materially higher-than-expected September quarter CPI had dealt a fatal blow to hopes of a rate cut in November.

He said this had also reduced the chances of a rate cut in February next year.

Hotspotting’s latest Price Predictor Index showed Hobart’s June quarter home sales climbed 9 per cent year-on-year, with quarterly sales marginally above the March reading.

Just over half of greater Hobart’s suburbs are now posting positive sales trends, marking a “cautious revival”, Hotspotting general manager Tim Graham said.

“Sales have inched upward for 18 months, but without the decisive breakouts seen elsewhere,” he said.

“Units have provided a modest boost, though detached houses still dominate local buyer interest.”