Relief in sight for first home buyers as house prices fall in Tasmania
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Oct 30, 2018
Relief in sight for first home buyers as house prices fall in Tasmania
Figures released by Real Estate Institute of Tasmania (REIT) reveals house prices are falling across most parts of the state.
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Parry PropertyPictured: 40 Atkinsons Road, Grindelwald. As seen on Thehomepage.com.au
House hunters, investors, and renters in Tasmania can breathe a sigh of relief, as house prices fall across the island state.
Figures released by the industry body reveals that in the three months to September this year, Hobart's median house price fell to $475,000, down from its high of $506,000 in the last quarter.
REIT President Tony Collidge says that a downturn in the market was only a matter of time, following the robust activity over the last three quarters.
Prices in Launceston dropped from $339,000 to $330,000, while prices in the North West followed suit, slipping from $278,000 to $270,000.
Pictured: 40 Atkinsons Road, Grindelwald. As seen on Thehomepage.com.au. Image by Parry Property.
But even though prices have dropped, the industry body says they're still 7.2 per cent higher than a year ago.
Mr Collidge says that while the market is levelling out, it's highly probable that Tasmania could exceed 2017's results topping $4 billion in sales for the first time by the end of the year.
“Tasmania’s popularity as a lifestyle destination coupled with strong economic conditions are establishing an environment for positive population growth. This growth has and will continue to impact our real estate markets across all sections of the state," he told WILLIAMS MEDIA.
"Whilst a slowdown has been anticipated I expect it to be more of a levelling out with property prices stabilising. There is still a strong buyer presence in the market and such demand will minimise any impact on future prices over coming months. I do not foresee prices falling away as they have in some of the mainland centres.
Pictured: 4/54 Landsborough Avenue, Newstead, TAS. As seen on Thehomepage.com.au Image by Sims for Property.
"We are a small market with limited supply. The lack of stock particularly in Southern Tasmania will continue to put an upward pressure on prices.”
Demand for rental accommodation remains strong driving rents upwards, while high rental vacancy rates suggest the rental market is finally freeing up.
Where are the bargains to be had?
According to the REIT's data, those seeking a bargain (hands up first home buyers!) should cast their eyes to the suburbs of Queenstown, Rosebery, and Zeehan. Median house prices here all register below $100,000 - an unthinkably low sum for those of us in the capital cities.
Other affordable suburbs include Tolmans Hill, Waverley, Smithton, Shorewell Park, Rocherlea, Ravenswood, Montello, Havenview, Acton, Branxholm, Gagebrook, and Herdsmans Cove. Median house prices here all sit below only $200,000.
Related reading:
Hobart housing demand higher than anywhere in Australia
Is the heat going out of the Hobart housing market?
Tasmanian property boom rolls on: $1b property sales record June quarter
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