State hits $3b in home sales for year

MORE than $3 billion worth of Tasmanian property has been sold this year.

However, the market was slower in the September quarter than June, according to the latest figures from the Real Estate Institute of Tasmania.

The REIT’s Quarterly Property Report for September – released today – shows 2670 property sales statewide in the three-month period.

This figure was less than the 2843 sales in June and similar to the March result of 2640.

The total value of September’s sales was $989,340,623, smaller than June by $64.7 million but more than the March quarter by $30.3 million.

Rental vacancy rates reached 2.4 per cent in Launceston, 3.3 per cent on the NorthWest and 1.8 per cent in Hobart.

In September, a three-bedroom house in Hobart cost $440 per week to rent and $380 for a two-bedroom other dwelling such as a unit or townhouse.

The three-bedroom median rental price increased by 7.3 per cent annually and was flat across the quarter. The price of a two-bedroom other dwelling rose by 5.6 per cent quarterly and 11.8 per cent annually.

The report showed almost 180 land sales in the quarter, 135 of which were in Hobart.

REIT president Mandy Welling said land sales had “decreased considerably” by nearly 20 per cent statewide compared to last year. Tasmania’s median house price, $375,000, increased by 7 per cent annually but was down 1.3 per cent on the previous quarter.

Hobart’s median house price was $510,000, Launceston $338,665 and the NorthWest Centres $278,000. Hobart was down for the quarter by -1.9 per cent but up annually by 7.4 per cent.

Average time on the market for the state was 35 days. In Hobart in September it was 27, compared to 20 days a year ago.