$3.5m nets mansion on edge of city

Stoke House sale record for New Town

TASMANIA’S real estate market continues to hit new highs with a New Town house sale achieving the state’s highest price this year.

Historic Stoke House has sold at auction for a whopping $3.55 million — a record price for the suburb.

It follows the sales this year of a Sandy Bay home at 11 Ellington Rd for $3.45 million and 22 Grange Ave, Taroona for $3.3 million.

Five Hobart homes have crossed the $3 million mark this year and at least 10 Hobart homes have sold for above $2 million.

Real Estate Institute of Tasmania president Tony Collidge said Tasmania had seen a rapid increase in the sale of residential property above $1 million over the past two years.

“Surprisingly, this top end market is not being driven by interstate or foreign buyers but by locals, with over 77 per cent of residential sales over $1 million credited to local buyers,” Mr Collidge said.

“Our top end real estate represents real value when compared to other capital cities.

“This is a specialised market which is becoming increasingly popular with our growing reputation for value and quality.

“Hobart has many outstanding homes, old and new, that will support the ‘top end’ for many years to come,” he said.

EIS Property senior property consultant Deb Stephens was responsible for finding a new owner for Stoke House.

Both the vendor and the buyer wish to remain private.

However, Ms Stephens said the vendors had lived at Stoke House for 18 years.

“The property’s new owners also intend to use this stunning home as a private residence,” she said.

When Stoke House first hit the market in January it caused a stir nationwide and was the most viewed listing in Australia on realestate.com.au by more than double the next most viewed property.

Ms Stephens said she received four offers in the first two weeks of the property hitting the market and each was declined.

“I was absolutely inundated with inquires, it was like nothing I have experienced before,” she said.

“For three weeks I lived and breathed this house with inquiries coming in a flood from 7am to midnight.

“In the end there were 61,000 email inquiries and over 25 groups that were pretty serious about buying and came to inspect the home.”

Stoke House is a spectacular Gothic Revival sandstone mansion featuring 20 rooms across three levels plus parklike gardens.

It was built in 1887 for Lieutenant Governor of Tasmania Sir John Dodd.

“Who would have thought Hobart would achieve such incredible prices just a few years ago,” Ms Stephens said.

While auctions make up only a tiny percentage of residential sales in Tasmania there have been some stellar results this year including 504 Sandy Bay Rd that was sold for $3.1 million in May.

Knight Frank prestige property specialist Pam Corkhill described that sale as “considerably” more than the unstated reserve price and that it was a sign of “where the market is at”.

This month, for the first time in 15 years, Hobart lost its crown as the most affordable capital city in Australia when its median dwelling price jumped above Darwin’s.

According to CoreLogic, Hobart’s annual change in dwelling price was up by 12.7 per cent in June.

Hobart is also the only capital city where rents have grown in double-digits, up 10.7 per cent annually.

However, Moody Analytics has predicted a downturn in price growth. Its Home Value Forecast 2018 Q2 report predicted Greater Hobart house values would dip to 1.7 per cent growth in 2019.

I was absolutely inundated with inquires, it was like nothing I have experienced before

For three weeks I lived and breathed this house with inquiries coming in a flood from 7am to midnight