Record lift in homes for sale

HOME listing numbers are climbing bit by bit toward pre-pandemic levels. This was the big takeaway from the latest PropTrack Listings report, which showed a gigantic 70 per cent increase year-onyear in the total number of Hobart homes listed for sale.

This is the largest annual increase in total supply on record in any city, said report author and economist Angus Moore.

He said the busy start to the year, and the stronger-than-typical winter so far, have given buyers more to choose from in Hobart than has been the case for much of the past couple of years.

The report showed new listings in Hobart were down 13.5 per cent in July compared to June. The annual figure revealed 25.1 per cent growth.

In regional Tasmania the shifts were smaller, with 2.4 per cent monthly growth and 5.3 per cent annual growth in listings.

Total listings in regional areas were up 4.1 per cent monthly and 22.5 per cent compared year-on-year.

The report also put a spotlight on the suburbs with the best growth results led by prestigious Sandy Bay where listings increased by 110 per cent year-on-year.

Kingston recorded 46 per cent growth, Rokeby 36 per cent, Howrah 20 per cent and Glenorchy 19 per cent.

Mr Moore said selling conditions had started to temper from their very strong levels earlier in the year.

“Home prices are declining in most cities after growth hit multi-decade highs in 2021,” he said.

“Expected interest rate rises will reduce borrowing capacity and place downward pressure on prices in the nearterm.”

There were 1746 total property listings in Hobart in July, per SQM Research.

This was the highest total in 19 months.

Of these homes for sale, the majority (535) had been on the market for less than 30 days. There were 375 available for 3060 days, 221 in the 60-90 range, 392 (90180 days) and 223 (180-plus).

Meanwhile, in the rental sector, PropTrack data has revealed that Hobart rentals are being secured on average in 19 days of being listed.

Total rental listings are -25 per cent lower than pre-pandemic levels, which puts pressure on an already stretched-thin rental market.

With low stock, demand is surging, says senior economist Eleanor Creagh.

The number of potential renters per listing on realestate.com.au increased 26 per cent for units and 3 per cent for houses in July when compared year-onyear, she said.

Rents have risen 9 per cent compared to prices one year ago.

The largest annual change in median weekly rent was recorded in Mount Nelson which grew 30 per cent to $650.

Taroona and Lutana rents both grew 20 per cent to $600 and $550.

Warrane rents climbed 19 per cent to reach $500 per week.