By Herron Todd White
Hobart Property Update
As soon as the daffodils and lilies start to bloom, the buyers and sellers traditionally come out of their winter hibernation with the intent of buying and selling. In recent months due to COVID-19, listings have generally been thin on the ground, maintaining property values due to the lack of stock available for sale.
Conversations with local selling agents have indicated levels of enquiry from prospective sellers is on the increase with multiple buyers chomping at the bit trying to get into the investment market, primarily due to the low interest rate environment. There was some hesitation from sellers in the early days of COVID-19 due to economic uncertainty. It will be interesting to see what the future brings with the reduction of the JobKeeper and JobSeeker initiatives applied by the federal government.
Units and dwellings in the sub-$600,000 price bracket within 15 kilometres of the CBD are still attracting high levels of interest with returns still in excess of five per cent which makes a good investment decision in anyone’s eyes. The market over $1.5 million remains relatively quiet; there are still prospective purchasers at this price point but they are becoming more savvy with their offers and expectations. Border restrictions are allowing locals some long awaited breathing space when making offers on properties. Multiple offers on well-priced properties are still being experienced.
All in all, the Hobart market remains stable with no real evidence of the market falling below pre COVID-19 times.
Residential Valuations Manager
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