Bright spots in mar­ket

Mercury (Hobart) - Property - - Front Page -

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.

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