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March Quarter results reveal some areas are defying the State’s Trend



 

 

Hobart and Launceston struggle to recover

The March Quarter data shows a decrease of only 0.2% in house sales across the state.  Whilst this figure is encouraging, it is still 12.3% down on the same time last year.  The median house price for Tasmania decreased 1.6% from the previous quarter, and is now at $300,000.  The Unit / Townhouse market also suffered, with the median falling by 10.5% over the quarter to $232,750.

Despite seeing an increase of 1.6% in house sales for the quarter, Hobart’s median house price has also seen a decline over the quarter, falling 3.3% over the quarter to $353,000.  Hobart also experienced the largest decline in Unit / Townhouse medians, recording a drop of 14.0% over the quarter to $255,000.

Following the states trend, Launceston saw a decrease in the number of house sales, falling 0.9% over the quarter.  Like Hobart, Launceston experienced a decrease in the median house price in Q1, dropping by 4.8% to $266,000.

 

Not all bad news

Despite the overall market remaining sluggish, 11 municipalities reported an increase in their median house price for the quarter, with six currently holding a higher median house price than the state-wide figure.

These include;

The North-West centre also bucked the State’s trend, reporting an increase in median house prices for Q1 of 12.9%, to $254,000.  This is despite reporting a decrease of 12.7% in the volume of house sales.   This is likely due to the municipality of Devonport recording a median increase of 17.3% to $262,750.  Devonport is attributed to around 50% of sales in the North-West centres.