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Sales up, prices down in Tasmania

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Activity in Tasmania’s property market picked up over the last quarter, though median prices have continued to ease.

The latest data from the Real Estate Institute of Tasmania (REIT) shows house sales increased by 5.7 per cent in the last quarter.

Hobart remains the island's strongest market, with transactions rising by 23 per cent over the three months to June.

The outer suburbs saw the best turnover, climbing by 53.8 per cent, while the inner and middle suburbs recorded increases of 20.9 per cent and 10.8 per cent over the year.

Despite high sales activity, the city’s median price fell over the quarter by 1.3 per cent.

Launceston experienced a similar trend, with sales up by 14.4 per cent but the median dropping by 0.9 per cent in the period.

The REIT data suggests economic conditions on the island may be improving.

Business confidence has improved since the last state election and the outlook for the next 12 months is looking up, the report states.

Employment figures are also on the rise, with the number of employed Tasmanians rising 2.2 per cent over the 12 months to June.

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