Mixed results in local housing

THE number of properties sold across Tasmania dropped by almost 27 per cent in the past three months and median rent prices in Hobart fell by 6.5 per cent, latest real estate data shows.

The Real Estate Institute of Tasmania market report for the June 2020 quarter shows while the volume of sales was down, sale prices remained relatively stable.

REIT President Mandy Welling said the market continued to remain steady.

“These remarkable figures create a sense of security and confidence amid the COVID-19 crisis, a testament to the resilience of Tasmanian real estate,” she said.

Hobart had the best sales numbers but was still down by almost 24 per cent for the quarter, Launceston was down by almost 29 per cent and the North-West was down by 24.3 per cent.

Ms Welling said the figures reflected fewer properties being put on the market, rather than homes not selling.

The rental vacancy rate in Hobart is 2.6 per cent, a slight increase this quarter. But both Launceston and the NorthWest have had modest decreases in vacancy.

The report showed there was a rent price drop in the period. The median rental price for a three-bedroom property in Hobart is down from $430 a week last quarter to about $405 a week.

Rental prices in Launceston also fell with the median house price of $330 a week last quarter down by 5.7 per cent.

The North-West bucked the trend with house rental prices ($300pw) remaining stable.

The median price that properties sold for fell 7 per cent in Hobart and 0.3 per cent in Launceston, while in the North-West, it rose 8.5 per cent.

Properties priced between $250,000 to $500,000 dropped almost 11 per cent in sales volume in Hobart and the $500,000 to $1 million range decreased in sales 31.4 per cent.

Statewide, house sales in the $250,000 to $500,000 range decreased 19.4 per cent and to 31.3 per cent in the $500,000 to $1 million range.