Heralded as the best capital city for growth in 2017 and on track to keep this crown for 2018, the Hobart market has also been quite popular online.
Data from realestate.com.au’s Property Outlook – July 2018 report shows that demand in Hobart is up 38.6 per cent year-on-year, with houses seeing a rise of 35.8 per cent and apartments more than half with demand rising 52.6 per cent.
Median prices are also seeing growth across the board, with the median price for all dwellings up 16.1 per cent for the year to $426,850. Growth was seen in both houses and units, which rose 19 per cent to a median price of $470,000 and up 22.4 per cent to $355,000 respectively.
“Jobs growth and very little development are the two factors increasing prices,” the report noted.
“While property investors are likely to be a key factor in the price increases, strong growth in rental demand suggests that the market is being supported by people needing a place to live. Tasmania is booming and Hobart continues to be red hot.”
The only two regions for Tasmania, Devonport and Launceston, saw rises in both demand and median price. The Devonport region saw more demand at 48.1 per cent compared to 47.7 per cent, while Launceston experienced more growth, with a median price rise of 15.4 per cent to $313,000, compared to Devonport’s rise of 3.8 per cent to $275,000.
The most 10 popular suburbs in Hobart, according to realestate.com.au, are: