Sellers in the driver’s seat

Lots to gain and little pain as most Hobart homes make a profit

THE vast majority of Greater Hobart property owners that sold their home in the June quarter made a profit, a report has revealed.

In one municipality sellers made a median profit approaching $300,000 and in another, every single sale was at a profit.

Released today, CoreLogic’s quarterly Pain and Gain report, which measures the profit and loss of dwelling sales compared to a property’s previous sale figure, has shown that Sorell property owners all made money when selling their home.

The municipality’s median profit was $140,250.

Sorell’s median profit and the total value of the profit made were both higher in June than they were in March.

Roberts Real Estate Sorell property representative Suzanne Hede described the level of demand throughout Sorell as “massive”.

“From Dodges Ferry to Carlton, Forcett and Primrose Sands, it has been off the show,” she said.

“Recently in Primrose Sands I sold eight properties in a fortnight and one sold for $150,000 over the asking price.”

Nest Property marketing consultant Iris Huang works across Hobart — primarily in Sandy Bay and Kingston — and said she has seen a transition with most of her buyers now looking for a home to live in rather than for an investment.

She said there are more first home buyers entering the market on the back of grants, duty concessions and attractive bank loan products.

CoreLogic’s figures showed that the largest total value of profit was generated in Clarence at more than $51 million, which is the area young buyers Pierre and Wendy Wang have just moved to days ago.

Since moving to Hobart from Brisbane last year, the students have seen up close how expensive the local market is. Mr Wang, 25, described Hobart rental prices as “so high” and not good value for money compared to Brisbane.

“We decided that the best thing for us at this moment was to buy a home instead of renting or waiting the long time that it would take to build a home,” he said.

“It was a quick decision and we are very happy that we made it.”

CoreLogic’s data showed Hobart and Kingborough homeowners made a profit reselling their properties in 99.3 per cent and 99.1 per cent of June quarter sales. The report revealed that across the city there were $185 million in total profits generated and $1.6 million in losses.