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House prices in Tasmania tend to have modest rises over the last few years. The results for the December 2014 quarter and the full year have now been released and show that the median prices for a house in Tasmania has increased by 4.5% to $315,000.

From the article below, I found the information interesting about what proportion of sales are below $300,000, between $300,000 and $600,000 and then above that. This highlights that it is still possible to spend a lot less in Tasmania than you would in many other places in Australia. Although there are always properties and suburbs that attract strong prices.

Hobart had 31 per cent of all house sales below the $300,000 price point, while 59 per cent occurred between the $300,001 and $600,000 bracket. Ten per cent of sales came in above that price, which included 10 sales of $1 million dollars or more.

In Launceston, 58 per cent of the quarter’s sales were recorded below $300,000 and 40 per cent between $300,001 and $600,000, while only 2 per cent of all houses sold were above this price point.

In contrast, the North-West centres had 76 per cent of all house sales occurring below $300,000 and the remaining 24 per cent fell into the bracket of $300,001-$600,000.

This story from The Mercury.

Tasmanian house prices on the up with median increasing by 4.5 per cent for quarter

Tasmania’s median house price grew last quarter to the highest point since the market’s peak in 2010.

The Real Estate Institute of Tasmania’s Quarterly Property Report — highlighting trends for the three months to December — also revealed an increase in house sales.

The median house price for Tasmania increased by 4.5 per cent for the quarter to sit at $315,000, and there was a slight increase in house sales across the state of 3.1 per cent on the previous quarter.

REIT president Tony Collidge said it was encouraging to see a positive close to the year.

“Breaking these figures down into regions, we can report that house sales in Hobart increased for the quarter and the year, up 11.2 per cent and 2.4 per cent respectively,” he said.

“Launceston house sales were also up, recording a 5.1 per cent increase for the quarter, while the North-West centres bucked the trend, reporting an 11.5 decrease for the quarter.”

Mr Collidge said while increases in median house prices were observed across most of the state, the price distribution of sales differed significantly.

Hobart had 31 per cent of all house sales below the $300,000 price point, while 59 per cent occurred between the $300,001 and $600,000 bracket. Ten per cent of sales came in above that price, which included 10 sales of $1 million dollars or more.

In Launceston, 58 per cent of the quarter’s sales were recorded below $300,000 and 40 per cent between $300,001 and $600,000, while only 2 per cent of all houses sold were above this price point.

In contrast, the North-West centres had 76 per cent of all house sales occurring below $300,000 and the remaining 24 per cent fell into the bracket of $300,001-$600,000.

Mr Collidge said nine municipalities recorded a median house price higher than that of the state median, including Clarence ($370,000), Hobart ($475,000), Huon Valley ($349,000), Kentish ($333,500), Kingborough ($395,000), Latrobe ($344,500), Meander Valley ($320,000), Sorell ($325,000) and the Southern Midlands ($340,000).

Mr Collidge said it was interesting to note the appearance of a wide range of regional areas in Tasmania making it onto the list of locations with higher median house prices compared to the state average.

“The removal of the First Home Owners Grant on July 1 for purchasers buying established dwellings resulted in a marked decrease in house purchases from first home buyers, with sales from this market segment dropping from 17 per cent to now sit at 13 per cent of all house sales,” he said.

“Second home buyers picked up the 4 per cent loss in first home buyers and continue to hold over half the market, accounting for 57 per cent of house sales and a median house purchase price of $330,000.

“The report also revealed that 10 sales occurred to overseas purchasers while interstate buyers remained steady at 15 per cent for the quarter.”

 

Have you recently moved to Tassie and bought a home? Did you find the prices higher or lower than you expected?

 

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