Tasmania May 2018

The month in review: Tasmania

By Herron Todd White
May 2018

Hobart

Hobart’s prestige market for houses commences at about the $1.75 million price point for houses and $1 million for units. Indicating the strength of the current market there were 21 house transactions and 19 unit transactions in the municipality during 2017. This compares with just 7 and 11 just two years previous in 2015.

The stand out transaction over more recent time has been a dual title beach front holding at 650 Sandy Bay Road. Comprising 2,309sqm of land, a previously renovated circa 1917 residence it sold for $6.5 million.

Tasmania property 1

The nearest sale to that has been for $4 million in Clarke Street Battery Point. Currently “Ellington” at 11 Ellington Street in Sandy Bay is under contract for $3,450,000 being its third sale all over $3 million in the last 2 years. Hobarts prestige suburbs are recognised as Battery Point and Sandy Bay.

In the $1.75 million plus price bracket typically for houses, you would expect 4 bedrooms, 2 bathrooms, renovated/modern with good river views and possibly a pool/tennis court. Units in the $1 million plus bracket are typically CBD located with good communal facilities and the benefits of wharf/city living.

We are seeing continued competitive buying conditions with a shortage of stock in relation to demand. Buyers are typical both local and interstate buyers looking for owner-occupied homes. In the Hobart market, the short term outlook remains positive during 2018. Medium term we envisage steady all be it less hectic growth with a plateau in the longer term.

Launceston

In contrast to Hobart, Launceston’s prestige market for houses commences at about the $1 million price point for houses and $600,000 for units. This market while performing strongly is not as heated as Hobart. There were 11 house transactions and 5 unit transactions in the Municipality during 2017. This compares with 5 and 3 respectively two years previous in 2015.

The stand out transaction over more recent time has been a circa 1840 heritage dwelling at 13 Claremont Street for $2,650,000. Having a site area of 5,552 sqm and living area of 576 sqm. Launceston’s prestige suburbs are recognised as East Launceston, CBD & Newstead.

In the $1 million plus price bracket typically for houses, you would expect 4 bedrooms, 2 bathrooms, renovated/modern with a pool or substantive “extra” site improvement. Units in the $600k plus bracket are typically CBD or inner CBD located again with good communal/complex facilities.

Buyers are again typical both local and interstate buyers looking for owner-occupied homes. The short to medium term outlook remains positive with above 10% growth again an expectation for 2018.

DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.