The month in review: Tasmania
By Herron Todd White
Up-graders or second home buyers are the current buyer type driving Tasmania’s residential property market. These buyers are typically purchasing either a larger home, a newer or renovated property, relocating to a better regarded suburb or closer to the city.
In this up-grader residential property market segment, houses have been the predominant property type transacted of which there is a broad range and variety. Period homes, particularly renovated and extended period homes, have generally become more sought after and are often located in the inner, higher priced suburbs, where you could expect a second home buyer to be purchasing.
Property prices are reflective of not only the position, land and living areas but also the extent and quality of renovations or extensions that have been carried out.
In the Hobart area, character homes with period features on smaller parcels of land and located within approximately a one kilometre range from Hobart’s centre have recently sold for a touch over $500,000. Within Hobart this 1880 built, 4-bedroom, 1-bathroom, updated home with dated kitchen and bathroom sold for $575,000,
In well regarded, centrally located suburbs in Launceston, in the north of Tasmania, for buyers with a budget upwards of $350,000 it is possible to purchase a period home. At this price level near to the city’s centre you could expect to purchase a character home either in near original condition or original size. The below 4-bedroom, 2-bathroom property on a large block, built about 1925 has been completely renovated and extended and is currently listed for sale at just under $800,000.