GROWING UP

HOBART city fringe suburb New Town has been highlighted as a hotspot where demand is growing at a huge rate.

In data from realestate.com.au, released at the weekend, New Town’s demand level grew by more than 50 per cent in the past 12 months.

Chief economist at the property website, Nerida Conisbee, and local New Town expert Daniel ten Broeke from Petrusma Property see the uptick in interest as good news for homeowners who are considering selling in spring.

Ms Conisbee said demand was often a good indicator of price growth.

She said suburbs with big family homes on large blocks were faring well, but the best performers continue to be premium suburbs.

“COVID-19 is affecting property in different ways, with some property types in certain locations doing better than others,” Ms Conisbee said.

“We are seeing a flight to quality on realestate.com.au with premium markets holding up best due to high levels of buyer demand.

“This recession is not a typical one because money has not dried up.”

Mr ten Broeke said while neighbouring suburbs can be more expensive than New Town, it actually offered just as much amenity if not more than its sister suburbs.

“It is also no coincidence that Hobart City Council have invested substantially in New Town over the last 12 to 18 months including a modern refurbishment and upgrade of New Town Road, which has certainly raised the profile and appeal of the area,” he said.

Mr ten Broeke said New Town’s popularity stems from the broad range of properties and lifestyle benefits that it offers.

He said it has proximity to the CBD, great schools, shops and services, alongside magnificent historic homes and new townhouses.

“The area appeals to first home buyers, families and retirees to investors and executives – every target market,” he said.

REA’s data showed a 52.3 per cent change in demand levels year-onyear in New Town houses followed by Risdon Vale with a 41.5 per cent change, Kingston 30.8 per cent, Rosetta 27.4 per cent and Midway Point 26 per cent.

The most in-demand house suburb list reads like a who’s who of popular Hobart suburbs: Sandy Bay, South Hobart, Taroona, Lindisfarne and West Hobart.

The fastest selling suburbs were Rosetta (houses) at 23.5 days on market and Sandy Bay (units) at 17 days.