This article is from the Australian Property Journal archive
Confidence in Tasmania’s residential property market remains high with the median house price in Hobart jumping 3.1% from July to August, according to figures released by the Real Estate Institute of Tasmania. The August median house price in Hobart is now $165,096 up 26.7% on the same period last year. Unit prices have seen a massive increase over the past 12 months, jumping 44.6% to $129,392.
Hobart house sales increased 4.8% to 325 for the year while unit sales rose 11.2% to 109.
Launceston house prices rose 27.8% to a median of $120,538. Over the past 12 months there have been 177 sales – an increase of almost 15%.
Unit prices in Launceston rose 27.8%, however, sales volume dropped 17.2%.
Regional areas in Tasmania followed the trends set by Hobart and Launceston with increases averaging around 20%.
According to REIT researcher, Tim Johnson, the rental market remains tight.
“Vacancy rates remained tight across the State in August, 2003, with a 3% average state-wide,” he said.
REIT figures from last month show that Launceston experienced a 0.8% rise in vacant properties, Hobart was down slightly (0.1%) and North West areas up 0.6%.
Median weekly rents for two bedroom units in Hobart remained at $150, while three bedroom house rentals fell $5 to $185.
Two bedroom units in Launceston rose $10 from last month to $145, with 3 bedroom houses steady at $170.
