The Real Estate Institute of Tasmania (REIT) has recently released the REIT Property Quarterly Report, March 2012. Following are some highlights from the report.
Median House Prices by Region
- Hobart (All): $353,300, a decrease for the quarter of 3.3% and annual change of -2.3%. Based on 449 sales. Days on market – 63, compared with 49 in March 2011.
- Hobart Inner: $460,650, a decrease for the quarter of 2.3% and annual change of -2.0%. Based on 130 sales. Days on market – 49, compared with 34 in March 2011.
- Hobart Middle: $320,000, no change for the quarter and annual change of -33.6%. Based on 209 sales. Days on market – 71, compared with 54 in March 2011.
- Hobart Outer: $337,500, a decrease for the quarter of -2.2% and annual change of 0.3%. Based on 110 sales. Days on market – 57, compared with 59 in March 2011.
- Launceston: $266,000, a decrease for the quarter of 5.0% and annual change of -5.0%. Based on 211 sales. Days on market – 65, compared with 61 in March 2011.
- North-West Centres: $254,000, an increase for the quarter of 12.9% and annual change of 3.0%. Based on 103 sales. Days on market – 119, compared with 69 in March 2011.
- Tasmania (All): $300,000, a decrease for the quarter of 1.6% and annual change of -3.2%. Based on 1252 sales. Days on market – 79, compared with 64 in March 2011.
In previous reports the median number of days on the market for Tasmania overall has been reported as higher than the reported median for any of the regions, which I noted as an error in calculation in the report. This appears to have finally been corrected and most notably by the average days on market for the north west jumping up to 119 days from 70 in the December report, which is where the error must have been found.
As noted when we have reported the results of previous quarters, the REIT report splits the suburbs of Hobart into three areas – inner, middle and outer. The report lists the suburbs in each area, but includes some unusual allocations. Middle Hobart includes, for example, Lauderdale (20km from CBD), Seven Mile Beach (20km), Tranmere (14km) and Old Beach (17.5km). Whereas Outer Hobart includes some suburbs closer than these, for example, Mornington (8km), Warrane (8km),Bonnet Hill (13km) and Kingston (12km). This needs to be taken into account when reading the results by area.
The two tables below show the top ten suburbs or towns in terms of median price and growth. As with many results for Tasmania, the low sales volumes in some suburbs present (or not present) in these lists can easily skew the data.
Top Ten Most Expensive Tasmanian Suburbs/Towns (for the December Quarter)
- Battery Point, Hobart Inner ($925,000, 8 sales)
- Tranmere, Hobart Middle ($595,000, 5 sales)
- Sandy Bay, Hobart Inner ($580,000, 28 sales)
- Mount Nelson, Hobart Inner ($550,000, 5 sales)
- Bellerive, Hobart Middle ($518,000, 8 sales)
- Taroona, Hobart Inner ($498,500, 10 sales)
- West Hobart, Hobart Inner ($475,000, 18 sales)
- New Town, Hobart Inner ($454,500, 16 sales)
- Sanford, Hobart Outer ($448,000, 7 sales)
- Mount Stuart, Hobart Inner ($440,000, 7 sales)