South Hobart is 2018's early bird property hot spot

South Hobart is 2018's early bird property hot spot
South Hobart is 2018's early bird property hot spot
The Tasmanian suburb of South Hobart is the most in-demand location in Australia on realestate.com.au.

A good sign for Hobart is that rental demand is also high, suggesting that it’s jobs growth, not property speculation that is driving the market, Nerida Conisbee, the chief economist of REA Group said.

She forecasts demand from buyers will continue to grow in her 2018 preview.
 
The CoreLogic data suggests a recent flattening in price growth at around a $530,000 median for houses. The unit median sits at $350,000.
 
Conisbee suggests buyer activity is coming from far less affordable locations such as Sydney and Melbourne, and offshore demand is also increasing.
 
Overseas demand is being driven largely by a push from Tasmanian universities to attract overseas students and renewed interest in the city as a tourism destination.

"Hobart is a small market and speculation can be a driver of price growth, so it’s good news that rental demand is also high.

"It appears that the Tasmanian economy is changing from primarily government and agriculture to include growing tourism and education sectors."

The 10 most in-demand suburbs in Tasmania

Rank

 Suburb and Postcode

Median Price

1

South Hobart 7004

$541,000

2

Mount Stuart 7000

$612,500

3

Battery Point 7004

$954,000

4

Bellerive 7018

$500,000

5

Mornington 7018

$315,500

6

Hobart 7000

$662,500

7

North Hobart 7000

$633,900

8

Lindisfarne 7015

$455,000

9

Taroona 7053

$550,000

10

West Hobart 7000

$631,000

Source: realestate.com.au


Recently a four bedroom Lawley Crescent home in South Hobart (below) sold for $570,000, slightly higher than the $530,000 median price for houses in the suburb.

It last traded for $142,500 in 1994.

South Hobart is 2018's early bird property hot spot

No house has sold in South Hobart under the median house price since October, which highlights the growing demand in the suburb.

That was a 1940s, former military house, two bedroom cottage on 600 sqm that fetched $474,000.

To find an apartment that sold for the median $350,000 in South Hobart you have to go back to early October when a 90 sqm two bedroom apartment sold for $315,000. (top, the view from the apartment).

The most recent unit sale was a three bedroom, two bathroom apartment with two living areas that sold for $535,600.

It has nearly quadrupled in price over the last 15 years. The unit last sold in 2002 when it went for $135,000.

Tags: 
South Hobart Property Demand

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