One in seven Tasmanian properties sold to interstate buyers: REIT

Hobart may have some of the cheapest properties across the capitals in Australia, with a recorded median of $338,000 according to RP Data, and it appears that this might just be attracting buyers from the more expensive capitals.

Speaking to The Mercury about the sale of high end properties, Real Estate Institute of Tasmania president Adrian Kelly mentioned that many people have been “priced out of the market” in Melbourne and Sydney due to the recent booms in prices.

“It wouldn’t surprise me if Tasmania benefited from this with investors looking further afield,” Kelly told The Mercury.

“One in seven Tasmanian properties are sold to interstate buyers because of our affordability and strong rental returns.’’

At the end of the September quarter of 2013, Property Observer reported that house sales to interstate buyers remained strong.

“Second home buyers still hold over half the property market, with the report revealing they account for 55% of house sales at a median house price of $317,750, while interstate buyers held 14% of the market share for the September quarter," Kelly explained at the time.

If you're looking to buy interstate, you can read this guide here.

Photo courtesy of Ian Armstrong/Flickr.