Tasmania remains affordable

The Real Estate Institute of Tasmania (REIT) today released its June Quarter Property Report, which highlights real estate trends for the quarter, revealing a decrease of 6.5 per cent in house sales across the State for the quarter.

REIT President Adrian Kelly said while house sales had decreased, ten municipalities had seen an increase in the median house price for the quarter.

“There are also currently six municipalities across Tasmania recording a median house price higher than that of the State median, those being Clarence, Hobart, Kingborough, Latrobe and the Meander Valley,” Mr Kelly said.

“The median house price for Tasmania decreased by 3.3 per cent to sit at $290,000 for the quarter, representing a 4.9 per cent decrease for the entire year.

“Hobart ($370,000) saw an increase in its median house price of 4.8 per cent, while Launceston saw a decrease of 1.2 per cent. The North-West centres were hit hardest with a 7.0 per cent decrease for the quarter, but only a 4.9 per cent decrease for the year.

“The June Quarter Report also revealed which suburbs in Tasmania are experiencing the highest turnover as well as which are the most affordable and expensive.

“The top five most expensive suburbs were Tolmans Hill, Tranmere, Taroona, Acton Park and Sandy Bay, while the top five most affordable suburbs were Queenstown, George Town, Ravenswood, New Norfolk and Smithton.

“The top five Tasmanian suburbs with the highest turnover of house sales were Sandy Bay, Devonport, Newstead, Kingston and Howrah.”

Mr Kelly said the report also highlighted the increasing rental vacancy rate which continued to increase in the June quarter, up 0.8 per cent to sit at 4.7 per cent for the whole of Tasmania.

“The vacancy rate for Hobart increased by 0.9 per cent to 4.8 per cent, with the Launceston rate also increasing 0.6 per cent for the quarter to sit at 2.9 per cent, and the north west centres increasing by 1.1 percentage points to 6.2 per cent,” he said.

“The report also shows us that first time buyers accounted for 15 per cent of house sales, and interstate buyers accounted for 14 per cent of house sales for the June quarter.
“The average time it took to sell a house fell by two days for the June quarter, closing the median at 77 days for Tasmania.”

The REIT is a member organisation representing the views and the professional needs of its members – these being more than 95 per cent of real estate agents (and their staff) throughout the State.

More details :http://www.reit.com.au/