Hobart’s hot suburb, Risdon Vale. Picture: Supplied
Demand for homes is increasing in this Eastern Shore hotspot by more than almost anywhere else in Australia.
But there is a catch. There is hardly a house for sale.
New PropTrack research shows demand for homes in Risdon Vale is through the roof, with for-sale listings attracting the highest level of inquiry in Tasmania at 72.
By percentage of growth, Risdon Vale recorded the second-largest increase nationwide in inquiries per listing. It is up by an eye-watering 265 per cent, second only to Woodstock in Victoria.
PropTrack senior economist Anne Flaherty said buyer demand data revealed areas where prices were likely to rise faster than the wider market.
“The fact that we are seeing such strong growth in inquiries per listing is a pretty strong signal that these are some of the areas that could outperform for price growth,” she said.
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REA Group economist Anne Flaherty.
Demand from first-home buyers and investors has increased recently, Ms Flaherty said.
“We have seen first homebuyer loans really pick up in recent months, especially in response to the 5 per cent deposit scheme,” she said.
“Investors are often looking for high growth areas and a lot of these outer suburbs where the purchasing price is a little bit lower have pretty good capital growth track records as well.”
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On realestate.com.au today there are 44 Risdon Vale property listings, dominated by land or house and land packages.
Just three established houses are listed on the property website, and all three are under offer.
PropTrack Market Trends figures show Risdon Vale’s median house price is $518,500, which is up by 13 per cent year-on-year.
Compared to five years ago, it is up by 52 per cent.
Rental yields are almost 5 per cent (4.97 per cent).
Petrusma Property senior property representative, Kahn Duffey.
Petrusma Property senior representative Kahn Duffey described Risdon Vale’s popularity as surging.
He said his last three properties sold in the suburb attracted very strong interest.
“My most recent sale in Magnolia Rd received 15 written offers and sold for $600,001,” he said.
Mr Duffey said the level of interest from interstate-based investors who are searching for property is “overwhelming”.
“I am receiving multiple calls every week,” he said.
“Risdon Vale offers investors an attractive blend of affordability, good rental yields, and strong capital growth potential, being within 15 minutes’ drive to a capital city.”
PropTrack’s data reveals the average number of key inquiries per property listing on realestate.com.au in each suburb to gauge buyer demand in an area.
The measure combines high-intent actions such as emailing an inquiry, calling an agent or downloading documents to determine the level of demand among serious buyers who are ready to purchase a property.
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No.55 Sycamore Rd, Risdon Vale sold for $540,000.
No.16 Magnolia Rd, Risdon Vale sold for $600,001.
No.41 Sycamore Rd, Risdon Vale sold for $553,000.
Alongside Risdon Vale, PropTrack’s research revealed two more Tasmanian suburbs cracked the national Top 10 list for the largest increase in inquiries.
Bridgewater was fifth with a 221 per cent upswing, while Ravenswood was ninth after a 190 per cent increase.
For key inquiries, Glenorchy and Ravenswood houses attracted the second and third most interest from buyers with 64 inquiries per listing, followed by Claremont and Chigwell with 61-plus.
Additional reporting from REA Group journalist Daniel Butkovich
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