Bright spots in market

THEPRDNationwide Hobart Highlight Property Watch Report for the first quarter of 2013 has detailed the current and historic market trends for five municipalities – Hobart, Brighton, Clarence, Glenorchy andNew Norfolk.

Written byPRDresearch analyst Angus McLean, the report singles out low population growth and high unemployment as the main factors for Tasmania’s current weak property market.

‘‘This being said, a number of positive outcomes can be seen within the submarkets of Hobart and surrounding regions,’’ wrote MrMcLean.

Due to improved units sales over 2012, the discrepancy between median house and unit prices in the Hobart municipality has widened to $120,000 entering the first quarter of the year.

Unit sales increased by almost 16 per cent last year.

Sandy Bay and West Hobart recorded the most sales last year, with 258 and 158 respectively.

NewTownand Lenah Valley also performed well, with 120 sales each.

The GlenorchyLGAhad a total of 267 sales which was a huge decrease of 39 per cent from the previous year.

At the period ending in December, the median house price for the municipality was $242,000, with Claremont and Glenorchy having the highest number of sales, followed by Moonah and West Moonah.

Sales in the BrightonLGAalso experienced a sharp decline over 2012 – down 25.5 per cent for the six month period to December.

‘‘Despite the declining transaction numbers, the median price has rallied to close at $265,000 for the period ending December 2012, only 3.5 per cent down on the 2011 median figure,’’ MrMcLean wrote.

With 76 sales, Brighton was the best performer, followed by Old Beach on 64 and Bridgewater – also the most affordable suburb of the region – on 35.

Clarence also recorded a big decrease in house sales (down 23.7 per cent on the previous year) but the median house price remained the same.

‘‘Compared to the 10-year growth rate of 9.4 per cent per annum, it is evident that the Clarence municipality house market is experiencing a period of median price correction,’’ the research analyst wrote.

THOSEwilling to put in a bit of elbow grease have the chance to pick up two properties in central Sandy Bay at auction this Saturday.

At 1.30pm, 58 King St will go under the hammer, followed by adjoining block 13 Grosvenor St at 2pm.

Number 58 King St is a late 1800s home set on a 574sqmblock which features Tasmanian oak flooring, off-street parking and three sizeable bedrooms.

‘‘Many people would say this place is a dump, and they’d be right,’’ said consultants Rick Abbott and Ingrid Tebb, commenting on 13 Grosvenor St. ‘‘It just happens to be so fantastically located it will almost make you cry.’’

Requiring extensive renovations, the two-bedroom cottage is close to everything – Sandy Bay shopping and restaurants, the university, beach and CBD.

The property would be suited to renovation as a home for retirees or perhaps as a trendy townhouse to live in or rent out.

Both properties will be open for inspection directly before the auction times.

Contact Rick on 0438 132 287 or Ingrid on 0407 634 265 for more details on either property.