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2012 set to close on a positive note for Tasmania’s property industry

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The Real Estate Institute of Tasmania (REIT) has recently released its September Quarter Property Report, revealing an increase of 6.2 per cent in house sales across the State for the quarter.

According to REIT President Adrian Kelly, this was a positive sign, bringing real estate in Tasmania back to a similar position as it was at the beginning of the year.


Median house price decrease in September quarter

According to Mr. Kelly, anecdotal evidence from agencies across the State also indicates they are receiving similar or more enquiries about properties for sale.

“The report also revealed that the median house price for Tasmania decreased by 1.7 per cent, a 3.4 per cent decrease overall for the year” Mr Kelly said.

Hobart saw the highest decrease in the median house price of 8.1 per cent to sit at $340,000, while Launceston saw the only increase of 0.9 per cent. The North-West centres decreased by 2.6 per cent, leaving the median house price at $230,000.

“There are currently seven municipalities across Tasmania recording a median house price higher than that of the State median, those being Brighton, Clarence, Hobart, Huon Valley, Latrobe and the West Tamar.”

Mr Kelly said the Report also outlined the suburbs in Tasmania experiencing the highest turnover, as well as the most affordable and expensive areas.

“The top five most expensive suburbs for the September quarter were Sandy Bay, Acton Park, Mount Stuart, New Town and Granton, while the top five most affordable suburbs were Queenstown, Ravenswood, Railton, Primrose Sands, and Risdon Vale” he said.

 

Rentals remain steady

“On the home rental front, Launceston saw the only increase in median rent paid per week, with two bedroom units up 20 per cent for the quarter and the year, and three bedroom houses steady for the quarter.

Hobart’s three bedroom and two bedroom median rent per week figures were down 3 per cent and 1.9 per cent respectively.

“The North West centres also recorded decreases of 1.2 per cent for three bedroom houses and 1.5 per cent for two bedroom units for the September quarter.

“First time buyers increased slightly for the quarter, accounting for 18 per cent of house sales across the State, with a median house price of $237,500.

“The average time to sell a house in Tasmania increased by two days to 79 days total for the September Quarter. Hobart decreased by one day to 58 days; with Launceston taking an extra day on average at 75 days. Houses in the North-West spent 82 days on the market, a 10 day increase from last quarter.”

Category: Market Intelligence & Commentary, Tasmania

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