Some new figures have just been released regarding the Tasmanian real estate market. Now is a good time to get a bargain in Tasmanian real estate. It seems that prices are down generally and the market is much slower. See this article for the full details:
HOBART’S real estate slump has hit new lows with the number of sales and property prices both tumbling.
Property market analyst RP Data’s latest market snapshot, released yesterday, shows a continuing low demand for property, despite Hobart being the most affordable of the nation’s capitals.
The number of sales for the month of June is estimated to have been 32 per cent below the five-year average.
The Hobart market was the slowest of the capital cities, followed by Brisbane, at 31 per cent below average, and Perth 23 per cent down.
Canberra was the only capital to record sales volume above the average — up by 25 per cent.
Hobart property prices were down 1.9 per cent over the quarter and 4.4 per cent for the year to June.
However, the data also reinforces Hobart as the most affordable capital city in which to buy a house.
The median house price is listed as $340,000 and the median price for a unit as $268,000.
Meanwhile, Hobart has bucked a national trend, with the cost of renting a house dropping 2.6 per cent, or about $9 a week.
Unit rents have decreased by a more modest 0.2 per cent.
Nationally, rental rates for properties have increased faster than property values.
RP Data expects that trend to continue with rental vacancies remaining low nationwide.
RP Data’s figures show that, across the nation, property values in more affordable areas have been more resilient.
Values in the most expensive capital city suburbs have fallen by 5.7 per cent nationally.
This compares to the lowest priced areas dropping by only 2.4 per cent.
Meanwhile, sharp rises in water, sewerage and electricity bills have forced up the housing section of the consumer price index. RP Data reports that housing CPI has risen by 4.6 per cent over a year.
Hikes in water and sewerage charges have amounted to an average 12.8 per cent nationally and electricity 10.7 per cent.
RP Data says there are currently 273,000 houses and units for sale nationally — 29 per cent more than the same time last year.
The company believes the 3.6 per cent inflation rate and a slight rise in unemployment has cooled demand.
Personally I hope the reserve bank lowers interest rates next week so the real estate market can pick up again. However the market is in the condition for good buying at the moment so it is the perfect time to be searching for a house in Tasmania. If you would like to discuss where to buy a house or discuss the real estate market in Tasmania then please register on the forum (it’s free) and then post your comments. We would love to hear your opinion.
If you are currently searching for a house to buy in Tasmania then get in touch with us and we can discuss the best way that Settled In Home Search can help you find your perfect house at the best price possible.