news

Tasmanian market loses steam

By Staff Reporter

The Tasmanian property market began to slide in the March quarter, though activity remains stronger than one year previously, new data from the Real Estate Institute of Tasmania (REIT) suggests.

The latest figures show sales volumes decreased by 4.6 per cent for the island in the past three months, yet remain 14.9 per cent higher than March last year.

The median house price sat at $305,000 for the quarter, a 4.5 per cent increase on 12 months previously.

Launceston saw the greatest slump in early 2014, with sales dropping by 18.5 per cent.

However, due to impressive results throughout 2013, sales remain 25.1 per cent higher than the previous March.

Hobart, despite a drop in sales early in the year, is currently seeing volumes that have risen by 10 per cent on the last 12 months.

The median price also climbed higher in Hobart over the quarter, increasing by 4.1 per cent.

Particularly popular suburbs include BrightonBrighton, SA Brighton, VIC Brighton, TAS Brighton, QLD, Clarence, Hobart and Kingborough, all of which had increased median prices and higher sales volumes, the REIT reports.

REIT president Adrian Kelly said the shrinking number of first home buyers could be linked to falling sales volumes.

He warned the removal of the First Home Owner Grant, slated for 1 July, would only exacerbate the situation.

“The number of first home buyers continues to dwindle across the state, now accounting for just 17 per cent of house sales, and removing the grant come 1 July is likely to only make this situation worse,” he said.

Tasmanian market loses steam
SPI logo
Thank you.

Your enquiry has been sent to a local Aussie Mortgage Broker.

We will be in contact with you shortly.
Opps.

error occurred.
Unfortunately Aussie cannot attend to your home loan related enquiry at this stage as you must be a citizen or permanent resident.
Do you need help finding the right loan for your investment?
What Aussie do for you:
  • Give expert mortgage advice to help you find great investment loan deals
  • Help you maximise return by lowering financing costs
  • Save you time and effort by helping with the paperwork
First name
Last name
Location
Mobile Number
Are you an Australian Resident?
promoted stories

Top Suburbs

Highest annual price growth - click a suburb below to view full profile data:
1.
BLUE BAY 49.18%
2.
PAMBULA 43.5%
3.
BERKELEY VALE 42.74%
4.
POINT PIPER 40.52%
5.
NORTH TURRAMURRA 38.12%