The housing market in Tasmania has witnessed sustained and solid growth over the years and has set a new record with regard to the values of homes that have been sold in a single quarter. Properties worth more than $1.078 billion were sold between the months of April and June 2018 as per reports. This is the third consecutive quarter where 1 billion units in sales of real estate have been surpassed by the State. More than $3 billion worth of real estate has been sold in the State over three quarters as a result.
3, 083 transactions were sold in the quarter between April and June 2018 according to studies and this is the highest figure observed since the month of March in 2004. Hobart is one of the strongest markets in Tasmania and several other micro-markets are also doing very well. The market is majorly being spurred towards growth by local buyers who have contributed around 3/4th of transactions till now as per reports.
Transactions by investors for Tasmania real estate have increased by around 1% for the quarter in question and the residential investment hotspot was Launceston which had 33% of all sales volumes coming from investors. Hobart witnessed growth in prices of 17.7% while Launceston had 16.1% of price growth. The North-West centres grew by 11.6%. Sandy Bay is en route towards becoming a million dollar suburban location with median prices touching $970, 000 while Taroona also had 11 sales transactions with a median price of $800, 000.
For H1 2018, Tasmania notched up 89 transactions for homes which were higher than $1 million. Land sales in this period have increased by approximately 20.4% as compared to the same period last year. 1, 088 lots have been sold and 170 were purchased by builders of first-homes while current homeowners bought 560 lots with the remainder being purchased by developers and investors alike. Interstate buyers were spread evenly throughout Tasmania and purchased 479 properties in the quarter till June at a median price level of $348, 000. Foreign investors bought only 1% of Tasmania properties in this period. Devonport had the highest home sales along with Newnham, Riverside, Glenorchy and New Norfolk. Market experts predict that the growth trends will continue in the current quarter till end September 2018.
