HOBART HOTSPOT: No.58 Waverley St, Bellerive is for sale with Peterswald, priced at “Expressions of interest over $2.75m”. Picture: Supplied
MOMENTUM is building in one Hobart LGA.
Hotspotting’s latest Price Predictor Index has revealed that Clarence, on the Eastern Shore, is a market that is on the move.
The Index tracks housing sales volume rather than the industry’s common measurement of median price changes and asserts that sales are a superior indicator of future growth.
In the Spring 2024 report, Hotspotting director Terry Ryder said Clarence has shown “notable improvement in market activity”.
“In Clarence, sales volumes in the latest quarter were 26 per cent higher than a year earlier,” he said.
“Bellerive’s median house price ($860,000) is ranked as a rising market, although the numbers remain a little muted, while more affordable Geilston Bay ($690,000) is notable for its consistent sales activity.”
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No.14 Mildura St, Bellerive is on the market with Harcourts Signature, priced at $1.1m-plus.
Nest Property has No.6 Sarean Ct, Geilston Bay listed at “Offers over $1.249m”.
PropTrack’s Market Trends report shows 51 house sales in Bellerive over the past 12 months with the median price rising by 2 per cent. Compared to five years ago, it is 45 per cent higher.
In Geilston Bay there were 49 sales and a 5.4 per cent reduction in the annual median price. It also remains substantially higher than five years ago by 38 per cent.
No.2/74 Clinton Rd, Geilston Bay is priced between $595,000-$635,000, contact Petrusma Property for details.
No.15 Hill St, Bellerive is for sale with Petrusma Property, priced at “Offers over $1.3m”.
While property markets never stay at the top or bottom of cycles forever, Hotspotting general manager Tim Graham described Hobart and regional Tasmania’s housing markets as “sluggish”.
He said there were some signs of recovery in regional Tasmania.
“Around half of locations across regional Tasmania have positive rankings of rising, recovery or consistent, which represents a solid position but well short of a strong one,” Mr Graham said.
“This is reflected in the price data, with the median house price for regional Tasmania rising 2 per cent in the past 12 months and the median unit price moving 1 per cent.”
Terry Rider.
Mr Ryder said while Hobart has been the weakest performing capital city market, there were “glimmers of recovery” and “signs of life”.
“However, sales volumes in greater Hobart remain at similar levels as the same time last year, and below the peaks in 2020-2021 when the city was a national leader on sales activity and price growth.”
PropTrack’s latest Home Price Index showed flat movement in the southernmost capital, sitting 0.93 per cent lower than the same time in 2023.
The report said Hobart had recovered some of its declines over the past four months.
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