HOME VALUES DOUBLE
HOMEOWNERS who bought property in some Hobart suburbs five years ago could make a hefty profit if they decided to sell up now.
The latest realestate.com.au figures have revealed the suburbs where house and unit prices have surged over the past five years.
And, perhaps surprisingly, there is still some wriggle room for those who don’t want to miss the growth party as most of the Top 10 suburbs have median prices that are lower than greater Hobart’s median house price, which currently sits at $585,000.
Blue collar suburb Clarendon Vale took out the top spot and by a wide margin. With 148.1 per cent growth, this Eastern Shore suburb was miles ahead of second place Herdsmans Cove, which tallied an impressive 136.8 per cent increase.
Clarendon Vale’s median over the past 12 months is $322,500 and Herdsmans Cove sits at $293,600.
In the houses category, Sandford, Gagebrook, Risdon Vale, Glen Huon, Rokeby and Eaglehawk Neck recorded median value growth between 104.3 per cent up to 125.5 per cent.
West Hobart and Moonah units cracked the list with upticks of 120.8 per cent and 101.3 per cent.
Real Estate Institute of Tasmania president Mandy Welling said this broad range of suburbs had recorded impressive growth figures.
She said in Herdsmans Cove and Gagebrook, the combination of affordability and solid rental yields were a “strong attraction” for buyers.
“These areas are also proving popular with first-home buyers due to the level of affordability,” Mrs Welling said.
“In the previous five years, these areas have also received a considerable amount of new home development.
“The areas of Rokeby, Risdon Vale and Clarendon Vale have certainly been assisted over the five year period with land releases and new developments. Rokeby, in particular, with North Bay, Glebe Hill and Greenville Estate.
“The construction of the new shopping complex in this area will assist its growth and maintain its appeal overall.
“Its proximity to the Hobart CBD is another incentive for buyers to secure real estate in these areas.”
Mrs Welling described Sandford as an “up and coming” area.
“It has been for some time now,” she said.
“Sandford is one of those beautiful coastal towns which still allows the luxury of large plots of land with sensational views.
“Many of the properties in this location accommodate spacious family homes and the amenities in sister suburb Lauderdale are very convenient.”
The classic Tassie coastal dream on the east has a rival in Eaglehawk Neck, Mrs Welling believes.
“People may choose Eaglehawk Neck over East Coast holiday destinations such as Orford, Swansea and Bicheno. It has that spectacular coastline along with a lovely mix of ‘shack life’ properties and some very grand homes.
“A spotlight has been cast over this area in the last five years … and for good reason!
“As our regional areas become more and more attractive, this trend would assist growth in a quaint township such as Glen Huon.
“It's a place where buyers can find community living, gorgeous waterways, lush pastures and character homes which all add to this wonderful township’s charm.”
Mrs Welling said West Hobart was always among Tassie’s best performing areas, without a doubt due to its “location, views and convenient city location”.
“West Hobart has surged forward and is quickly closing the gap on the price difference between West and North Hobart,” she said.
Clarendon Vale House $322,500, 148.1% Herdsmans Cove H $293,600 136.8% Eaglehawk Neck H $550,000 124.5% Rokeby H $420,750 124.4%
Glen Huon H $690,000 120.8%
Risdon Vale H $360,000 118.2% Gagebrook H $275,000 106%
Sandford H $940,000 104.3%
West Hobart Unit $701,179 120.8% Moonah U $450,000 101.3 per cent