How a $191k suburb became a $650k property hotspot

Rokeby has become an option for buyers priced out of Lauderdale, Oakdowns and Howrah, says Petrusma Property’s Tony Dion. Picture: Supplied

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A surprising Eastern Shore suburb was the best place to buy 10 years ago.

Not Battery Point, Sandy Bay or West Hobart.

The latest PropTrack figures measuring the annual change in median price over the decade show Rokeby house values grew by 13 per cent each year on average.

Among the capital city markets, houses in just six suburbs nationwide performed better than Rokeby.

With 116 sales in the past 12 months, Rokeby’s median price has reached $650,000. A decade ago it was $191,000.

Typical rents are $565 per week, and rental yields are 5.04 per cent.

Petrusma Property senior consultant Tony Dion said new homes being built in the area contributed to Rokeby’s growth, combined with an increased number of established homes being renovated and improved.

He said Rokeby’s profile has gentrified.

“We are seeing new housing development in Rokeby, it has become a close alternative for buyers priced out of neighbouring suburbs like Howrah, Oakdowns and Lauderdale,” he said.

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Petrusma Property senior consultant Tony Dion. Picture: Supplied

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Mr Dion said buyers who have a budget and an open mind on location but want to live near Hobart “can’t go past Rokeby”, particularly given its growth prospects and being surrounded by suburbs with far higher median values.

“Rokeby neighbours a $1m-plus suburb in Tranmere and Howrah has a $820,500 median, plus it is close to beaches and near the Glebe Hill Village shopping precinct,” he said.

“Typically, entry-level valued properties, particularly under $750,000, are likely to experience higher growth than our more expensive suburbs.

“This is in part attributed to high buyer demand across multiple segments, including first-homebuyers, local and interstate investors, and downsizers as well.”

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Megan Lieu, REA Group analyst. Picture: Supplied

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REA Group senior economic analyst, Megan Lieu, said the 10-year data provides a long-term view of growth by smoothing out short-term fluctuations.

Ms Lieu said positive figures reflect resilient demand, indicating sustained buyer confidence over the period but can also point to constrained supply.

“While housing affordability in Hobart has improved slightly over the past two years, it remains challenging, relative to historical periods,” she said.

“As a result, demand for suburbs that have more affordable housing has increased.

“This is something we’ve seen across the country where the lower segment has been over-performing in terms of price growth relative to higher segments.

“Buyers who previously bought in these Hobart suburbs have made large equity gains over the 10-year period and are therefore well buffered against recent interest rate increases”.

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FOR SALE: No.33 Arden Dr, Rokeby, $580,000-plus, Petrusma Property. Picture: realestate.com.au

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FOR SALE: No.25 Mayland Ct, Rokeby, $575,000-plus with Harcourts Signature.

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FOR SALE: No.11 Matilda Crs, Rokeby is priced at “Offers over $735,000” with Fall Real Estate. Picture: realestate.com.au

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Greater Hobart’s median house price is $750,000, and all of Hobart’s Top 10 on the decade growth chart has a median value that is lower than Hobart’s.

Only fifth place Dodges Ferry is in the $700,000s. Bridgewater is the cheapest at $505,000.

By percentage, the greater Hobart suburbs with the smallest amount of 10-year growth were blue-chip areas like Sandy Bay, West Hobart and Taroona with growth in the 6 per cent range.

However, this level of growth rocketed Sandy Bay’s house median from $696,000 10 years ago to $1.3m today.

ROKEBY’S $1M FAMILY HOME

There has never been a sale like this before.

Last November, No.69 Hallett Dr, Rokeby, set a new price benchmark that would have been unimaginable just a few years ago.

Petrusma Property senior property representative Tony Dion sold the four-bedroom 2023-built house on a 600sq m block for $1.017m.

Mr Dion said the presentation and preparation of the property by its owners was critical in setting up a quality marketing campaign.

“The house was cleverly designed with features the market responded to via large inspection turnouts and inquiries in the first week,” he said.

SOLD: No.69 Hallett Dr, Rokeby. Picture: Supplied

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SOLD: No.69 Hallett Dr, Rokeby. Picture: Supplied

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“It was sold with five competing offers, all of which were excellent and demonstrated an appetite and appreciation of this thoughtfully designed home with a generous open floorplan and quality inclusions.

“It offered multiple living zones, central temperature control, higher ceilings, timber shutters, premium tapware and a generous kitchen with a lovely large benchtop.

“The home was immaculately kept, felt luxurious and comfortable and allowed the next owner to move straight in without needing to carry out works.”

SOLD: No.69 Hallett Dr, Rokeby. Picture: Supplied

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A couple of Rokeby listings have cracked the $1m mark in the past, however, with an asterisk.

No.25 Pass Rd was 4.22ha in size, not a regular lot.

Another, in an industrial area at No.4/73 Droughty Point Rd, had a 8277sq m block, and a 500sq m leased-out warehouse.

In 2024, a waterfront home fetched $980,000 and earlier this year, No.64 Enchantress St sold for $921,000.