The Real Estate Institute of Tasmania (REIT) has recently released its December Quarter Property Report, which highlights real estate trends for the quarter, revealing an increase in both house sales and house prices across the State. According to REIT President Adrian Kelly, 2012 ended on a positive note for the industry, with Tasmania seeing a 1.2 per cent increase in house sales for December.
Medians on the rise
“The median house price for Tasmania increased 8.8 per cent to sit at $310,000 for the quarter, representing a 1.6 per cent increase for the entire year. Mr Kelly said
“Hobart ($365,000) saw an increase in its median house price of 7.4 per cent, while Launceston ($275,000) and the North-West centres ($232,000) increased 3.8 and 0.9 respectively.
“There are currently 14 municipalities across Tasmania recording a median house price higher than that of the State median, including Clarence, Glamorgan/Spring Bay, Hobart, Kingborough, Latrobe, Meander Valley and the West Tamar.”
Mr Kelly said the report painted a positive picture for Tasmania’s property industry and was hopefully reflective of a continuing upward trend for 2013.
Most expensive suburbs revealed
The December Quarter Report also showed which suburbs in Tasmania are experiencing the highest turnover as well as which are the most affordable and expensive.
“The top five most expensive suburbs were Acton Park, Sandy Bay, Sandford, Mount Stuart and Taroona while the top five most affordable suburbs were George Town, Scottsdale, Mayfield, Smithton and King Island.
“Reinforcing the positive trend was also the reduction of the median days on market with the average time to sell a house decreasing by nine days for the December quarter to currently sit at 70 for Tasmania.
“Second time buyers are still dominating Tasmania’s property market, accounting for 60 per cent of house sales at a median price of $329,000.
“The report also revealed a slight reduction in First Home Buyers for the quarter, accounting for 16 per cent of house sales across the State at a median house price of $245,000.”