Lachlan Burt sales agent with Garry Quan principal and sales agent Slate Estate Agents at a home in New Town currently on the market. Picture: Nikki Davis-Jones
FRESH data is pointing to a shift in Hobart’s property market.
In its latest Home Price Index, PropTrack reports a 1.33 per cent annual uptick in the value of all dwellings, houses and units combined.
That’s not a boom market figure, but it is significant.
Report author and senior economist Eleanor Creagh said after two-and-a-half years of declines in Hobart, prices continued to recover in November.
“It is the first time Hobart has recorded positive annual growth since October 2022,” she said.
“From peak pricing, Hobart remains down 7.22 per cent, despite having recovered one-fifth of its decline in the past seven months.”
Between October and November, Hobart’s house prices grew by 0.54 per cent to a median of $717,000. Units were down monthly by 0.05 per cent.
It’s been a couple of years since Hobart last posted annual growth figures, per PropTrack monthly pricing report.
In regional Tasmania, house prices grew by 0.71 per cent monthly and 3.23 per cent annually, while units shifted upward by 0.05 per cent monthly and 0.2 per cent annually.
Since the start of the pandemic, the city and regional markets remain significantly higher, with Hobart’s median up by 37 per cent and regional areas by 57 per cent.
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Slate Estate Agents principal Garry Quan said there were a number of key indicators to look out for when a market starts to trend upward.
He said more people at open homes, increased inquiry, properties attracting multiple offers, and a shortening of the time it takes to sell were chief among them.
“Our market is getting stronger,” he said.
“Mainland inquiries and investors are starting to re-emerge into the market.
“And we are not seeing much, if any, discounting on asking prices.”
No.7 Restdown Dr, Otago is for sale with Slate, contact agent for price guide. Picture: realestate.com.au
Mr Quan said there is growing “confidence in the air”.
“People are looking forward to the prospect of interest rate cuts, be that from the banks or in time from the RBA,” he said.
“Hobart prices have plateaued, but some areas have started to rise again, such as Sorell and Sandy Bay.
“It is tricky to pinpoint exactly, but it’s pretty safe to say that within six to 12 months we will have seen an improvement in our market.”
Eleanor Creagh, PropTrack senior economist.
At a national level, home prices hit a new record high in November, now sitting 5.53 per cent higher than last year.
Australia’s median home vale reached $800,000 for the first time.
Ms Creagh said the national figure had grown for 23 consecutive months and in the period ahead was expected to lift further, although at a softer pace than the strong growth in recent years.
PROPTRACK HOME PRICE INDEX NOVEMBER
City, monthly growth, annual growth, median value
Sydney 0.08% 4.55% $1.112m
Melbourne -0.07% -1.63% $792,000
Brisbane 0.28% 12.56% $868,000
Adelaide 0.4% 14.64% $795,000
Perth 0.23% 18.74% $$778,000
Hobart 0.43% 1.33% $682,000
Darwin 0.07% 2.29% $511,000
Canberra 0.28% 1.02% $843,000
Regional Tasmania 0.65% 2.95% $520,000
Source: PropTrack all dwellings
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