Hobart is no longer the most affordable city in Australia and average housing prices are almost similar to Adelaide currently. There is huge demand in Hobart and the city and its surrounding zones have a predominant position in the list of 10 highly coveted suburbs in Australia. This list has North Hobart, inner Hobart, Richmond and Battery Point from this city. Average housing prices stood at $470, 000 for the April quarter in Hobart which indicates growth of 19% as compared to the same period in the last year. This is the largest increase in prices for any capital city.
Experts talked of how Tasmania overall represents a booming housing and real estate region and this is evident through the increased housing activity. Hobart is going really strong and is forecasted to surpass the Adelaide average price as well. Investors from Melbourne are interestingly looking to buy property in Hobart, particularly in areas like Sandy Bay. Searches have gone up considerably for properties located in Hobart. The rise in prices is being propelled by factors like lower supply and growth in the number of job opportunities.
Realty investors are expected to contribute towards the rise in prices and there is sizable growth in terms of overall rental demand as well. Over the last year or so, reports indicate that online views have increased by a whopping 50% for Devonport and Launceston. The demand for housing in Hobart is having a ripple effect onto other locations nearby in the State.
Price growth has been huge in Launceston and the micro-market witnessed a boom in 2017. Experts testify to a minimum of 30-40 enquiries for single properties in Hobart which is currently going through a peak period, making it one of the rising stars in Australian real estate at the moment according to the latest reports and studies.