Tasmanian house sale volumes reach five year high: REIT

Tasmanian house sale volumes reach five year high: REIT
Jessie RichardsonMay 6, 2015

The volume of house sales across Tasmania increased by 12.1% over the March quarter, according to the Real Estate Institute of Tasmania (REIT).

In the March quarter, 1,622 Tasmanian houses sold. The result is the highest seen in Tasmania since the March quarter of 2010, when 1,658 houses sold. REIT president Tony Collidge claims the quarterly results show many markets in Tasmania have bottomed out.

The 1,622 houses sold with a median price of $310,000, with prices highest in Hobart's inner ring, which recorded a median price of $548,000.

In West Hobart, the Federation home pictured below sold for $548,000 in March this year.

The four bedroom double brick home is on a 600 square metre plot and is located close to various schools and public transport.

Vendors are taking offers over $530,000 for this double storey brick home. It has been renovated, and has four bedrooms, with both formal and informal living areas.

Launceston house sale volumes rose by a greater proportion in the quarter, at 15.3%, than in Hobart, where the number of house sales increased by 7%.

Across Tasmania, the median house price was down 1.6% for the quarter, but up 1.6% annually.

Collidge said investor activity had increased over the three months to March, with 261 sales to investors.

"These investor figures are up 2% to 16% of all buyers, with a median house purchase price of $242,000," said Collidge.

"Likewise mainland buyers increased to 17% of all sales, whilst sales to foreign purchasers remained at 1%.

"These figures are indicative of the Melbourne and Sydney markets being near the top of their run, with many mainland investors looking for other destinations to invest, and the positive signs within our property market, good returns, low vacancy rates, and a turnaround in activity have made Tasmania an area worth considering."

The REIT recorded the strongest rates of first home buyer sales in the North West Coast and Launceston. Over the quarter, 19 Tasmanian homes sold for over $1 million.

Editor's Picks

Madeline, Moorabbin apartments approach completion
Safari Group offers low-touch investment proposition in Queenstown’s popular ski fields district
Citimax to continue to elevate Sunshine Coast living with Ascend Kings Beach
Walker Corp get sign off for SOL by Walker in Maroochydore
First look: Surfers Paradise riverfront set for more new apartments