In the quarterly property results from the Real Estate Institute of Tasmania the suburb of Battery Point in Hobart regularly moves around and in and out of the top 10 most expensive suburbs in Tasmania. As I have noted each time in my commentary about the results this is because the number of sales in Battery Point is usually very small and the type of property can vary from a small workers cottage to an amazing heritage or modern mansion sold for several million dollars. In the most recent report for the June 2012 quarter it didn’t make the top 10 at all as there were only four sales and a minimum of five are needed to make the list.
Despite these statistical anomolies, Battery Point is generally considered to be the most expensive suburb in Tasmania. It is also the most tightly held, as pointed out in this article from Property Observer.
Battery Point easily edges out Mount Stuart as Tasmania’s most crowded suburb
By Larry Schlesinger . Friday, 17 August 2012
The upmarket inner-Hobart suburb of Battery Point, known for its convict history and million-dollar houses, is Tasmania’s most crowded, at 3,069 people per square kilometre. The 0.68-square-kilometre suburb has a population of 2,097, according to RP Data.
The Launceston suburb of Mayfield is the most densely populated Tasmanian suburb outside of Hobart, with a density of 2,326 people per square kilometre.
According to June quarter sales figures from the Real Estate Institute of Tasmania (REIT), Battery Point recorded a median sale price of $1.08 million off just four recorded sales, making it also one of the most tightly held suburbs in Hobart.
Steve Yannarakis from Knight Frank Tasmania, who both sells properties and lives in Battery Point, says the suburb does not feel crowded.
“It’s like any other inner-city suburb such as Paddington in Sydney or Middle Park in Melbourne,” he tells Property Observer. “There are no blocks of high-rise apartments.” Yannarakis says houses are built on small blocks – compared with the large blocks in Sandy Bay – and land values are high. “It’s the most expensive suburb in terms of value per square metre of land.”
He says the REIT figures on Battery Point, which show just four sales, tend to lag the market. Yannarakis recently sold a heritage home in Battery Point for $1.3 million that he says will settle in a couple of weeks and is likely to be the highest sale of the year. Yannarakis says Battery Point is also popular with mainlanders.
“They like to buy here if they move to Tasmania.”
“It has everything that you need. It is very close proximity to the Salamanca Place entertainment strip and Hampden Road Village
“It’s very cosmopolitan, for Hobart anyway.”
Angelina Droblina from Ripple Property, who has a number of listings in Battery point including this two-bedroom unit at Battery Square priced at $330,000 and above, describes it as one of the most exclusive suburbs in Hobart. “It has loads of historically significant property and is aesthetically beautiful offering a village lifestyle on cusp of the CBD,” she says. She agrees with Yannarakis that it does not have a crowded feel.
“There is only one very tall building in Battery Point – Empress Towers – and five other blocks with no more than 20 or 30 apartments in each.
“It is a very highly sought after area.”
She says the REIT June quarter figures reflect the current state of the market. Her most recent sale was a four bedroom, two bathroom townhouse, which she sold to mainlander, who was buying it for his daughter. It sold for $650,000.
According to realestateview.com.au, there are 23 properties for sale in Battery Point.
They include this striking waterfront home at 58A Napolean Street, one of a number of listings being marketedy Yannarakis, which featured in Title Tattle in April this year. The Maria Gigney-designed home incorporating glass and steel blend with Jarrah timber accents and has views across the Derwent River from the Casino to Hobarts Eastern shore. The original house dates back to 1962 before being upgraded by owner and pharmacist Greg Kay. It includes a 12.5-metre indoor saltwater lap pool.
Given the small number of sales the change in the median price in Battery Point is statistically unreliable but over the last two years, house prices have shown strong growth, up 27% since June 2010.
According to the REIT, there were 133 sales recorded in inner Hobart over the three months to June, a 2.3% increase over the quarter with the median house price rising falling 5.6% to $435,000.
The institute also found that Hobart was the only location to record an increase for the quarter, of 4.8% to a median of $370,000.Source: Property Observer. See the original article here.