Tasmania continues to offer the most affordable housing in Australia, so it's no surprise the state has seen increased interest from interstate and overseas buyers. Tasmania saw a record number of these buyers purchasing properties during the last quarter. Interstate and overseas buyers increased to a record 324 house sales during the quarter, contributing to more than 20 percent of Tasmania's house sales during the quarter for the first time ever.
Real Estate Institute of Tasmania data shows that 97 interstate and overseas buyers bought properties for investment purposes (at a median price of $322,000 per property), 22 were retirees, and 201 were either first or second home buyers (at a median price of $360,000).
Tasmania recorded its third consecutive quarterly increase in house sales over the last quarter, with sales up 1.7 percent on the previous quarter and up 7.8 percent over the last year. There were 1649 house sales across Tasmania in the quarter, with a value of almost $690 million.
The median house price in Tasmania fell by $5,000 to $305,000 in the last quarter because of a jump in sales at the lower end of the market. In Hobart, the median house price decreased from $382,500 to $376,500. In Launceston, the median house price increased by $15,000 to $285,000. The median price of a house in Tasmania is currently $43,000 lower than Adelaide, its nearest rival, and represents 55 percent of Victorian median sale prices and 41 percent of New South Wales.
The Tasmanian market continues to be driven by owner occupiers. First home buyers accounted for 13 percent of sales, while investors accounted for 17 percent of all sales leaving existing home owners and sellers as the main drivers of the market.
Unit sales increased in Hobart but declined in Launceston and on the North West Coast, and median prices dropped from $257,000 to $247,500. There were 108 land sales recorded in the quarter.