Home prices in regional Tasmania have never been better than they are right now.
New figures from PropTrack show that the Rest of Tasmania market — outside Greater Hobart — has a $566,000 median dwelling price.
Home prices are climbing high in regional Tasmania. Picture: Roger Lovell
This has increased by over 10 per cent compared to the same time last year, adding $57,500 to the median price.
In Launceston and the North East, the Home Price Index showed 12.2 per cent growth to $577,000.
In the West and North West, the median pushed 10.7 per cent higher to $537,000.
And in the South East region, 6.4 per cent annual growth took the median value to $614,000.
Hobart’s more expensive median dwelling value has reached $718,000, following 9.2 per cent annual growth. It is just 0.2 per cent shy of setting a new benchmark price.
PropTrack economist Eleanor Creagh said if Hobart’s market continues to grow at its current pace, it will reach a new peak soon.
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No.4 Rossmoyne St, Norwood sold for $670,000 in February. Picture: realestate.com.au
No.101 Normanstone Rd, South Launceston is listed with Harcourts at $1.145m-plus. Picture: realestate.com.au
Back up north, Harcourts Launceston director Jeremy Wilkinson said the northern capital’s property market is “amazing at the moment”.
He said the higher end homes are selling faster than they have historically.
“And properties in the more affordable markets are flying,” he said.
“I sold one in Youngtown for $980,000, with 10 offers, and it was only on the market for a week.
“There were 60 groups through the open homes. We were swamped.”
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Mr Wilkinson said for homes under $800,000, half are being purchased by investors, 25 per cent by first-time buyers and 25 per cent locals who are upgrading or downsizing.
“Launceston has been on the radar for investors for the past six months,” he said.
Launceston houses have increased by 12.69 per cent to a $605,485 median, per PropTrack.
Units are up by 9.81 per cent to $497,822.
No.70A Nicholls St, Devonport sold for $530,000 in February. Picture: realestate.com.au
No.46 Bushland Ave, Hawley Beach is for sale for $1.199m with One Agency Collins. Picture: realestate.com.au
In Devonport, the median house price has climbed 11.36 per cent higher to a $560,637 median value over the past year. Units grew by 6.19 per cent to $439,548, the report said.
One Agency Collins Real Estate senior consultant, Leigh Jordan, said these figures reflect what’s happening on the ground in Devonport.
“It’s extremely busy up this way at the moment,” he said.
“Our market is very hot, especially on properties under $600,000.
“We are seeing multiple offers on a lot of properties again, which are driving up prices,
“A lot of investors are active, with a sprinkle of first-home buyers, too.”
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