Mercury (Hobart) - Property
CRUNCH THE NUMBERS
A flood of new reports have revealed the state of play in the hot Hobart property market, writes Jarrad Bevan.
STOCK rising from desperately low levels, sales figures that buck the national trend, gigantic quarterly price growth … there has been an unending flood of information of late for Hobart buyers to digest while hoping to purchase a home in spring.
In the latest report from CoreLogic, Tasmania was revealed as the only state or territory that had not recorded a gigantic lift in the number of houses and units sold over the past 12 months.
The data showed a 10.6 per cent yearon-year home sale increase on the Apple Isle, with the next lowest figure the ACT at 27.1 per cent. The highest levels of growth were in Queensland (54 per cent) and WA (62 per cent).
With 12,223 sales in the year through August, Tasmanian home sales were 7.7 per cent higher than the 10-year average and -3.3 per cent lower compared to the 20-year average.
CoreLogic research director, Tim Lawless, says the smaller annual increase in Tasmania was likely attributed to a lack of stock rather than a shortage of demand.
He noted that supply of homes in the Tassie market was tracking -35 per cent lower than average in August.
Meanwhile, there was positive listings news for Hobart buyers in the latest REA Group PropTrack Listings Report with a 22.4 per cent month-on-month listings increase in August.
This result was one of the best Australia-wide.
On a national level, the total number of listings on the site fell 3.8 per cent monthon-month to reach a historic low.
Report author and director of economic research, Cameron Kusher, found Hobart’s August new listings were about 7 per cent higher in 2021 compared to 2020 levels.
However, while new listings climbed, Hobart’s total listings offered just slim pickings and was -30.9 per cent lower in August compared annually, the report found.
At a suburb level, the largest percentage of change in new listings was led by Sandy
Bay (39 per cent year-on-year) followed by New Norfolk (33 per cent) and Glenorchy (27 per cent). Surprisingly, New Town dipped by -17 per cent.
In regional Tasmania, total listings were down 34.7 per cent year-on-year and steady at -0.4 per cent month on month.
New regional listings were down -5.3 per cent from July to August and steady at 0.5 per cent up year-on-year.
“While lockdowns have impacted the preparedness of vendors to list, buyer demand has not been dampened,” Mr Kusher said.
“Inquiry to agents on the site hit a historic high in August, so too did the number of views per listing.
“It appears unlikely that demand and supply will return to equilibrium in the short-term, which is likely to lead to further increases in property prices.”
On the pricing front, the new Market Facts report from the Real Estate Institute of Australia revealed house prices nationwide had increased 18.4 per cent over the past year.
In Hobart the median house price was pushed 26.2 per cent higher annually to reach $675,000 while ‘other dwellings’ such as units, apartments or townhouses rose 25.9 per cent to $510,000.
Also notable, Launceston was among the nation’s best performing price growth regional markets — alongside Darwin, Broome and Bendigo — with a 22 per cent annual value uptick. Houses in the NorthWest Centres climbed 19.4 per cent upward.
The report showed a tight Hobart rental market with a 1.1 per cent vacancy. The median weekly rent in Hobart was $480 (house) and $400 (other dwelling).
House rents grew 11.6 per cent while other dwellings climbed 8.1 per cent higher. Hobart rentals were more expensive than most cities bar three.