Tasmania’s property market is set to post a 5bn-plus year. Picture: Supplied MORE than $4bn worth of Tasmanian property has been sold through the first nine months of the year, putting the state on track for one of its largest yearly results.
It is likely to be the third weightier year on record, despite less sales, and forfeit of living and interest rate pressures.
At $6.239bn, 2021 sets the benchmark, while 2022 was not far overdue with the total value of every property transaction reaching $5.95bn, per Real Estate of Tasmania statistics.
The REIT’s Quarterly Property Report September, released Wednesday, shows 2127 sales were recorded statewide in the three-month period, with a value of $1.28bn.
This was just 15 sales less than September 2022, and 268 less than the June 2023 quarter.
Tassie’s southern region unsalaried $711m worth of sales and 1016 transactions in September. The quarter’s sales were 13.5 per cent lower than in June.
More than $4bn worth of Tasmanian
President Michael Walsh said the market has “reset”, with sale prices and rents easing. “While our statewide median house price has decreased by $10,000 over the past year, I don’t think we will wits the decreases that some commentators were predicting,” he said.
Mr Walsh said interest rates — which rose then this week without a period of holds — and the forfeit of living have “dampened” consumer confidence.
He said this had quashed the momentum that the market has had in recent years. “We have enjoyed a decade of incredible growth,” he said.
“This growth could not go on forever. Today, we see it taking a breather. The report showed greater Hobart’s median house price was $722,500, lanugo 1.3 per cent or $950 on the previous quarter.
No.20 Taroona Crs, Taroona is listed for sale with Peterswalds in the $950,000-plus price range. Hobart’s 452 house sales were higher than last year, 404, but less than in June, 516.
Tasmania recorded 188 $1m-plus September quarter sales, with locals purchasing 84 per cent of these homes. In June there were 239 sales at this level, and in March, 175.
The typical time it takes to sell has lengthened to 34 days in Hobart, 41 in Launceston and 42 on the North West Coast. Just two years ago, the days on market were 13 in Hobart, 18 in Launceston and 20 on the Coast.
Tassie’s 357 September first-home buyers were 12 sales higher than last year, but 62 less compared to June. Investor numbers were lanugo by 7.7 per cent quarterly and 17.6 per cent annually.
A sprawling Mount Pleasant Rd lifestyle property listed with TPR is Kingston’s most expensive property on the market. It is priced at “Offers over $4m”.
Mainland buyers have shrunk to represent just 15.4 per cent of sales in Tasmania. Of the suburbs that recorded a minimum number of sales, Seven Mile Beach had Tasmania’s highest median house price at $1.595m, followed by Sandy Bay at $1.3m.
Rosebery was the cheapest, at $173,000. Mr Walsh said for those looking to buy, the current market presents increasingly nomination and less competition.