Hobart vendors struggling in oversupplied market, even with discounts: SQM
With Tasmanian house prices continuing to fall, Hobart vendors are struggling to find buyers, even when they offer deep discounts, SQM Research has found.
Hobart's median house price has fallen 2.3% to $353,000 in the past year, according to figures released by the Real Estate Institute of Tasmania. And vendors are finding it increasingly difficult to close the deal, with the number of sales across Tasmania down 12.3% compared with the same month last year.
"Hobart is undergoing some pretty severe oversupply issues with both high stock levels and rental vacancies," says SQM director Louis Christopher.
Hobart's vendors are offering an average discount of 7.5%, compared with 5.6% in the Northern Territory, 8.1% in New South Wales, 7.4% in Queensland and an average discount of 7.1% in Victoria, according to RP Data.
Hobart properties lingered on the market for an average of 143 days before being sold in April, according to Australian Property Monitors. This compares with an average of 94 days in Sydney, 105 in Melbourne, 136 in Brisbane, 138 in Adelaide and 136 in Perth.
SQM Research has released a list of the most discounted properties in Hobart, six months after its last list of deepest Hobart discounts. There is just one property that is still on the list, 22 Beach Street, White Beach. It came in at number 10 in November 2011, with its price hopes having been slashed from $250,000 to $195,000, or a discount of 22% after 1,211 days on the market.
It is now at number three, with its vendors having reduced their price expectations again, to $170,000.
1
27 Reeve Street, Campania, Tasmania, 7026
On the market since: June 14, 2010
Initial asking price: $330,000
Current asking price: $200,000
Reduction: 39%
Days on market: 589
2
211 Jetty Road, Eaglehawk Neck, Tasmania, 7179
On the market since: November 14, 2010
Initial asking price: $595,000
Current asking price: $375,000
Reduction: 37%
Days on market: 434
3
22 Beach Street, White Beach, Tasmania, 7184
On the market since: July 1, 2008
Initial asking price: $250,000
Current asking price: $170,000
Reduction: 32%
Days on market: 1,302
4
27 Turners Road, Saltwater River, Tasmania, 7186 (pictured)
On the market since: June 14, 2010
Initial asking price: $695,,000
Current asking price: $475,000
Reduction: 32%
Days on market: 673
5
29 Watsons Road, Glen Huon, Tasmania, 7109
On the market since: June 13, 2010
Initial asking price: $179,000
Current asking price: $125,000
Reduction: 30%
Days on market: 588
6
133 Davis Road, Baden, Tasmania, 7120
On the market since: July 18, 2011
Initial asking price: $375,000
Current asking price: $280,000
Reduction: 25%
Days on market: 267
7
8a Barton Avenue, Triabunna, Tasmania, 7190
On the market since: March 7, 2011
Initial asking price: $295,000
Current asking price: $220,000
Reduction: 25%
Days on market: 400
8
1620 Nubeena Road, Nubeena, Tasmania, 7184
On the market since: March 20, 2011
Initial asking price: $395,000
Current asking price: $300,000
Reduction: 24%
Days on market: 308
9
26 Glenbervie Road, Dover, Tasmania, 7117
On the market since: December 27, 2009
Initial asking price: $250,000
Current asking price: $190,000
Reduction: 24%
Days on market: 770
10
2/12 Churchill Road, Taroona, Tasmania, 7053
On the market since: January 29, 2012
Initial asking price: $4375,000
Current asking price: $299,000
Reduction: 20%
Days on market: 70
SQM Research also offers a list of the Top 100 Biggest Bargains in Australia for sale.