Tasmanian real estate turnover falls 27 percent in April

Tasmanian real estate turnover falls 27 percent in April
Tasmanian real estate turnover falls 27 percent in April

The number of house sales in Tasmania fell by 27 percent in April compared with March, with property prices in Hobart down 14 per cent, according to figures from the state's Real Estate Institute.

House prices were down 2.2 per cent statewide, but by 14 per cent in Hobart, over the same period.

THE Real Estate Institute of Tasmania (REIT) president Mandy Welling said she was not surprised given the restrictions and challenges of the COVID-19 pandemic.

"These are the least productive figures since July 2013," Ms Welling advised.

The April sales figures showed in Hobart the turnover decline was 37 per cent, Launceston 39 per cent and the north-west 12 per cent.

There was an easing of sales for properties in the $500,000 and above price bracket, but these properties were still selling on average 1.7 per cent above their listed price.

"There were certainly not as many people out there thinking about putting their property on the market and, indeed, buyers out there to purchase."

REIT chief executive officer Mark Berry said the price drop overall was not as significant as predicted.

"House prices haven't really seen the downward effect that the mainland commentators have been reporting that may happen in Melbourne and Sydney," he said.

"The Tasmanian market has held very firm."

The first case of COVID-19 was confirmed in Tasmania on March 2.

Over the March 2020 quarter Tasmania experienced a total of 1870 house sales, a 1.2 percent decrease State-wide on the previous quarter and 4.9 percent increase over the previous year.

In the March quarter Sandy Bay in the south achieved the highest median sale price at $948,888.

The median sale price in Sandy Bay was down 9.6 percent on the previous quarter.

Across the State the two most expensive postcodes for the quarter were 7005 and 7004 and the postcodes with the highest turn over of property were 7250 and 7310.

In addition to this, Sandy Bay was crowned the most expensive suburb with 29 sales, a median sale price of $948,888 and an increase in sale price of 21.7 percent over the previous year.


Tasmania COVID-19

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