Tasmania Property Market Update June 2019
Herron Todd White, Property and Finance Reporter
First published 06 June 2019, 02:24 PM
Hobart Property Updates
Where has the year gone? Here we are approaching the halfway point already… next thing we know Santa will be back clogging the chimney up again.
So, what has happened in the Apple Isle this year?
The Hobart market is starting to show signs it is approaching or has reached its current cycle price peak. CoreLogic suggests that the median price actually slipped a touch in March.
On the ground, we are seeing a flattening of prices in the inner ring, however, demand for prestige remains historically firm. In the middle to outer ring however, we continue to see positive pricing and competition for housing. This is true for the 50-kilometre commuter radius.
Vacancy rates remain tight with little evidence of the housing shortage easing.
Speak with a Hobart Mortgage Broker today.
Launceston Property Updates
Launceston is continuing to record positive price movement, albeit at a more subdued rate than 2018. We would suggest it is unlikely double-digit growth will be recorded this year, however it may not be far under.
Interestingly, the activities of a Queensland based buying advocate firm acquiring residential property on behalf of SMSFs have resulted in a number of rentals being available. The vacancy rate has lifted a few points as a result and we are seeing a stabilisation of rental growth.
Speak with a Launceston Mortgage Broker today.
Regional Property Updates
The north-west coast is a bit steady as you go. Devonport, Ulverstone and Penguin have some confidence. Burnie is steady to slightly positive but still could use a few more people. Holiday townships such as Bridport, St Helens and Orford are continuing their strong march from 2018 as people continue to seek that beachside holiday home. The town to be careful of is George Town as Temco has just announced a review of the ongoing operations of their smelter at Bell Bay. The result of the review won’t be released until October. There are 300 jobs on the line and it is one of two industrial plants the town has been historically dependent upon.
Speak with a Devonport Mortgage Broker today.
