OUR TOP SUBURBS
CREAM OF THE CROP
SANDY Bay homes were the big winners in a new property report that researched Tasmania’s top-performing suburbs.
Figures from CoreLogic RP Data for the 12 months to June 30 placed Sandy Bay units and houses in the top five for median price growth.
Sandy Bay units took out the No.1 spot on the top-50 list with an annual change in the median price of 23 per cent at a median of $458,305.
In the top-20 performing areas, it was the only suburb where unit price growth eclipsed house price growth.
House prices at Sandy Bay were also on the up, with 14 per cent growth.
The Northern Suburbs were well represented, with West Moonah, Moonah, Glenorchy and Austins Ferry all cracking the top 10.
One of Hobart’s hottest suburbs in recent years, West Hobart, placed at No.2 with an annual change in its median house price of 19.7 per cent.
Popular city-fringe suburbs New Town and Lenah Valley made the top of the list alongside Midway Point, which was the lone Sorell municipality suburb to crack the top 10.
The highest placing suburbs from the North were Launceston houses at 15th (9.2 per cent growth) followed by Prospect Vale houses at 17th (9 per cent), and Newstead houses at 18th (8.6 per cent).
Real Estate Institute of Tasmania president Tony Collidge said from a selling point of view, Sandy Bay was one of Hobart’s most sought after locations. It had always performed strongly, he said.
“I am not surprised to see unit and house sales in this area in the top-10 selling categories. Units are becoming increasingly popular and have become a big mover in our market.
“Unit sales in Hobart in the September quarter saw transactions increase by 34.55 per cent compared to last year.”
Mr Collidge said Lenah Valley and New Town prices had grown on the back of the “inner-city” boom and this in turn had passed on to West Moonah and Moonah.
He said price growth at Lenah Valley and New Town had forced many investors and first home buyers to move to what were once the more affordable neighbouring suburbs.
“As prices in areas like Moonah have grown, this has pushed people towards Glenorchy and Austins Ferry,” he said.
“Midway Point is an interesting one. I would suggest that it has come into favour following increasing prices in the inner Eastern Shore suburbs.”
The CoreLogic October Top Performing Suburbs Report ranked Tasmania’s top-50 suburbs. To qualify, suburbs had to record at least 50 sales in the past 12 months and show median home value growth across the past year, three years and five years.