Hobart hits home high

HOUSE prices in Hobart have hit new highs — and are now selling for more than homes in Perth and Adelaide.

The latest CoreLogic report shows Hobart’s median price for houses and units topped $474,000 in November.

That’s $8000 higher than the previous peak price set in August and equivalent to an annual growth of 4.2 per cent. Prices outside the capital have meanwhile grown 4.9 per cent.

HOBART’S median dwelling price has posted a record high.

In new data released yesterday, the southernmost capital city’s median for houses and units combined tipped the scales at $474,186, according to CoreLogic.

That is more than $8000 higher than the previous peak price set in August.

Hobart’s median now sits $17,305 below Brisbane, and is higher than Perth by $37,106, Adelaide by $40,341 and Darwin by $86,168.

Throughout the year, CoreLogic’s monthly Home Value Index reports have shown annual median price growth in Hobart every month.

The peak was in January at 7.4 per cent before an April slide brought the growth figures down to 3.8 per cent. By

June it was 2.8 per cent and most recently the October figure was 2.6 per cent.

However, in the latest report Hobart posted a turnaround with annual median growth at 4.2 per cent in November.

Regional Tasmania also performed well with 4.9 per cent annual growth.

Three of Australia’s top four non-capital regions were in Tasmania with annual price growth of 5.9 per cent in the West and North-West, 5.3 per cent in the South East and 4.1 per cent in the Launceston and North East region.

In the spring quarter Hobart’s median grew by 2.8 per cent, behind 3.2 per cent in Canberra and more than 6 per cent in Melbourne and Sydney.

The report found Hobart had the largest annual increase in rents at 5.8 per cent. The city’s 5 per cent rental yields were only eclipsed by Darwin while regional Tasmania yields placed fourth highest (5.4 per cent) when comparing state by state.

Real Estate Institute of Tasmania president Mandy Welling said the success in the regional areas jumped off the page.

Having travelled to Devonport at the weekend for a function, she said it was “really exciting” talking to the NorthWest Coast agents with the

“positive growth they are experiencing”.

“It’s good to see such a strong market in the regional areas,” she said. “The rental detail in the report is an accurate reflection of what is happening in our market.”

CoreLogic head of research Tim Lawless said advertised stock levels were persistently low, creating a sense of urgency in the market as buyer demand picks up.