South’s red hot sub­urbs

Me­dian house prices sky­rock­et­ing up to 75 per cent

Mercury (Hobart) - - NEWS - JARRAD BE­VAN Real Es­tate Edi­tor

IN a small town­ship about an hour’s drive south­east of Ho­bart, a prop­erty mar­ket is punch­ing well above its weight.

For­get Sandy Bay or Bat­tery Point, it was Ea­gle­hawk Neck that posted the largest change in me­dian prices in south­ern Tas­ma­nia.

The lat­est data from CoreLogic shows me­dian prices in Ea­gle­hawk Neck have surged by an eye-wa­ter­ing 75.3 per cent in the past three years.

The next best re­sults were recorded in Ris­don Value, Mount Stu­art, Herds­mans Cove and Claren­don Vale — each post­ing a three-year me­dian change above 67.6 per cent.

While the growth is strong, three of th­ese top five sub­urbs still have a me­dian price be­low Tas­ma­nia’s me­dian of $375,000 Septem­ber quar­ter, per REIT data.

Real Es­tate In­sti­tute of Tas­ma­nia pres­i­dent Mandy Welling

de­scribed Ea­gle­hawk Neck’s growth fig­ures as “ab­so­lutely stel­lar”.

“Ea­gle­hawk Neck is an af­ford­able op­tion com­pared to other likely hot spots such as East Coast des­ti­na­tions Or­ford or Bicheno,” she said.

“Th­ese ar­eas have be­come very ex­pen­sive over the years, and in com­par­i­son Ea­gle­hawk Neck of­fers a great al­ter­na­tive.”

Fall Real Es­tate prop­erty con­sul­tant Ja­son An­driko­nis said there had been some “amaz­ing re­sults” in Ea­gle­hawk Neck this year — and even poor weather could not dampen the mar­ket’s buzz.

“I sold one at Pi­rates Bay Road in the mid­dle of win­ter in the pour­ing rain and wind,” he said. “And we had five of­fers that were all above the ask­ing price.”

Kate Storey Realty prop­erty rep­re­sen­ta­tive Phillip Wells said each time he had a solid list­ing in Ea­gle­hawk Neck, it had sold above ex­pec­ta­tions.

He said Ho­bart prop­erty prices have forced first home and other buy­ers to look out­side the city, and he reck­ons peo­ple have re­alised that living one hour from Ho­bart is a com­mutable dis­tance.

Ris­don Vale houses recorded the sec­ond high­est growth fig­ure — a stitch be­hind Ea­gle­hawk Neck — at 73.5 per cent.

Mrs Welling said the Ris­don Vale me­dian change re­flected the new sub­di­vi­sion off Su­gar­loaf Road.

“Homes in the cen­tre of the sub­urb like Sy­camore Rd and Po­plar Rd sell in the high $200,000s to mid-$300,000,” she said.

“With many buy­ers fo­cus­ing on what might be con­sid­ered the ‘ma­jors’, such as West, North and South Ho­bart or the wa­ter­side ar­eas like Kingston, Sandy Bay, Tran­mere or Howrah, the re­al­i­sa­tion of lit­tle trea­sure sub­urbs like Mount Stu­art is now ap­par­ent.”

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