HOUSING PRICES COOL IN WINTER

HOBART’S housing prices are still leading the nation for growth over the past year despite a cooling over winter. The latest figures from CoreLogic reveal property prices in the capital were steady throughout August, with the median price now $437,000. Real Estate Institute of Tasmania president Tony Collidge said the market was still strong in the medium to long term despite the market having slowed.

HOBART home prices are showing signs of cooling but the city’s annual growth still leads the nation.

CoreLogic figures reveal Hobart prices remained steady last month, with the median dwelling price falling -0.1 per cent.

Hobart also recorded the lowest median price in Austra- lia at $437,254, which was about $1200 less than Adelaide and about $2400 less than Darwin.

For the past three months the Hobart market was one of four cities to set a positive result with 0.1 per cent growth.

On an annual basis Hobart remains the nation’s leader and the only city with doubledigit growth at 10.7 per cent.

CoreLogic head of research described the recent cooling of Hobart’s hot streak as “subtle falls” in home values.

He said every capital aside from Hobart had seen rents rise at less than 3 per cent per annum, however Hobart’s weekly rents surged 9.7 per cent.

Real Estate Institute of Tasmania president Tony Collidge said while the report showed that the Hobart market had slowed, it was still strong in the medium to long term.

He said there was “perceived rising activity” across the Hobart market.

EIS Property senior consultant Adrian Gray said in his 25 years selling residential real estate he had not experienced a better time to sell. He said there was an “acute shortage” of properties for sale.

“Anyone contemplating selling their home or investment property should do it now as premium prices are being achieved,” he said. “Should interest rates begin to rise, it could take the heat out of the market and sellers could miss out.”

Last week Mr Gray sold a historic five-bedroom home in West Hobart for the suburb’s third highest price on record. It was also West Hobart’s highest sale figure in the past two years.

“There were about 50 physical inspections of 26 Lower Jordan Hill Rd and over 20,000 engagements on real estate websites,” he said.

Mr Collidge said: “Tasmania has the potential for continued economic growth and prosperity but the anti-development influences within our communities may undermine the positive outcomes that are achievable.” Hobart sets hot pace in housing: Page 17