Hobart homes king of property growth

HOBART has continued its reign as the king of capital gains by charting number one in the country for home value growth again.

It is the fourth month in a row that the percentage of growth in Hobart was larger than any other capital city, according to Core-Logic’s latest Home Value Index.

Hobart had a positive change in dwelling values of 3.3 per cent for the quarter to November 30, with the next best result Melbourne’s 1.9 per cent growth.

The turnaround in Sydney is becoming more pronounced — it was the only city alongside Darwin to record negative growth, the report said.

Hobart’s figures for November showed 0.6 per cent growth, slightly ahead of Melbourne at 0.5 per cent.

Core-Logic head of research Tim Lawless said Hobart’s housing market had been the strongest in the country this year, with values increasing 11.5 per cent.

He said low inventory levels against a backdrop of rising demand were key drivers in the Hobart market.

“Advertised stock is 36.3 per cent lower than a year ago,” he said.

Ray White Hobart property representative and auctioneer Conor Canning said greater Hobart had had a “huge amount” of growth in the past 12 months. “In my opinion, 2018 is going to see even hotter sale prices due to a shortage of property hitting the market,” he said.

“My advice to buyers is to get in touch and register your buying requirements.

“I’ve sold four properties this month ... prior to houses being advertised for sale.”

Kate Hyland and Luke Walker, both 27, bought their first home at Lutana before it was advertised.

The couple said they felt lucky to have bought their home after just four months of house hunting, considering many of their friends took a year to buy a home.

Ms Hyland said with the market running hot, people felt like they now had to put in an unconditional offer to even be considered for buying a property.

She said while doing thorough research was invaluable, they had also learned that to buy in Hobart “you have to be ready to put in an offer on the same day that you inspect a house”.