Vics eye off Tassie move

Property searches reveal interstate interest

INTERSTATE buyers and dreamers are swamping the Tasmanian property market, with 60 per cent of all searches now coming from outside of the Apple Isle.

Data from REA Group shows that 40 per cent of searches of local listings came out of Victoria during the 2020-21 financial year, with 20 per cent coming from other states and territories.

Only 40 per cent of searches came from within Tasmania, the data showed.

Hobart, Launceston, the Huon Valley, Devonport and Burnie were among the top 10 most searched regions by interstate buyers.

In Hobart, interstate buyers are scoping out properties in Hobart city, Sandy Bay, Kingston Beach, New Norfolk, Howrah, Battery Point and Glenorchy. They are also contemplating a sea-change to Bruny Island, or a lifestyle change to Devonport.

Sixty-two houses sold in Sandy Bay from January 1 to June 30, with the median house price now $1.325m, according to data from REIT.

Only nine houses changed hands in Battery Point over the same period, with the median house price climbing 23.1 per cent to $1.6m.

Petrusma Property Sandy Bay director and auctioneer Jake Towns said some people in lockdown had said “they have nothing better to do than buy property”.

“They might have budgeted $20,000 a year for a holiday but haven’t been able to go anywhere so they are online shopping for a house like they would have used to for a $5 phone cover,” Mr Towns said.

“Others are not so much investors but what I call expats – people who were born and bred here and are just over the heat and humidity in Queensland, the rat race in Sydney and the hustle and bustle of Melbourne.”

He said the vast majority were buying sight unseen and that interstate interest was putting pressure on prices.

Peterswald for Property director Harry Coomer said the numbers were not surprising, but said many were “dreaming”.

“There is no denying we are fielding a lot of interstate inquiry from people who are either serious about moving, or are dreaming of making that move,” Mr Coomer said.

REA Group senior economist Eleanor Creagh said with remote working, many people were looking to move to places with affordability and space.

Ms Creagh said more than 2000 Victorians migrated to Tasmania in the 12 months to March.

She said preliminary monthly sales were up 5 per cent in August, compared with the same month last year, and the median days on market had fallen by 10 days to just 29 days, with those days on market even shorter in Hobart and Launceston.