Hobart home growth is still sitting pretty

EACH month for the past 24 in a row, Hobart has sat atop CoreLogic’s annual home values growth chart.

In the October Home Value Index, Hobart’s 2.6 per cent annual dwelling price growth – houses and units combined – was a stitch ahead of Canberra at 2 per cent.

The other cities remain in the negative annual growth column, however, when measuring the past three months, the turnaround in Melbourne and Sydney is clear to see with a 5 per cent and 5.5 per cent upswing.

Real Estate Institute of Tasmania president Mandy Welling said the results show “a very strong Hobart market” with the percentage of dwelling value change positive for the month, quarter and year. Hobart’s median value is still steady at $460,033, she said.

“The Sydney and Melbourne markets are certainly coming into their own with consistent improves. I think either of those capitals may take our trophy sooner rather than later,” she said.

Mrs Welling described the Hobart market’s performance as “phenomenal” following the fallout from the Global Financial Crisis.

“When we didn’t think it could increase again, it went ahead and did just that,” she said.

“With a shortage of stock, I believe our market will continue on its current path for some time yet.”

While the Hobart market has been dealing with a dire stock shortage for years, CoreLogic research director Tim Lawless noted in his report that advertised stock levels are “very low” nationally.

“Nationally, total advertised stock levels are 11 per cent lower relative to last year and tracking at the lowest level since 2010,” he said.

For Howrah home buyers Brodie Fitzpatrick and Kaytlyn Richardson, receiving the phone call that their offer on a house had been accepted was music to their ears.

“I could have cried,” Miss Richardson said.

“After so many calls of rejection, we were thrilled.”

The 26-year-olds moved in to their new house six weeks ago.

After stumbling through title delays on a house and land package, followed by a trio of failed offers, the couple pushed their chips all-in on the house that became their new home.

“Our bid was way above the asking price, just to make sure that we got it,” Miss Richardson said. “It was stressful and I feel sorry for anyone trying to buy their first home in our market.”