Lou and Anthony Croome are selling their home in South Hobart. The subrub has been revealed as the most in demand locale in the nation. Picture: NIKKI DAVIS-JONES
MORE house hunters search for South Hobart homes than any other suburb in Australia, a report has revealed.
The quarterly Property Outlook report from realestate.com.au — released today — placed South Hobart and Battery Point in the top two spots nationwide while West Hobart came in ninth.
Realestate.com.au chief economist Nerida Conisbee said they see a lot of searches for South Hobart coming out of Melbourne.
“The proximity to the city and the lifestyle on offer drive South Hobart’s popularity,” she said.
“With its median around the $600,000 mark, South Hobart is far more affordable for younger buyers than the premium prices paid for Battery Point property.”
Ask homeowners Anthony and Lou Croome what makes South Hobart a great place to live and they don’t need words to express an answer. Mrs Croome simply waved her hand towards the stunning city and water vista that can be enjoyed from every inch of their hillside home.
Mr Croome said it was easy to see why so many house hunters were attracted to South Hobart.
He said they love the wide views, walking their dog on the Rivulet Track and the proximity to the city where they can “be right in the middle of it” in just a five-minute drive.
The Hobart Rivulet track in South Hobart, a tranquil setting just minutes from the CBD
Mrs Croome said the suburb’s village atmosphere makes it a desirable place to live.
“That comes from things like the cafe culture, the classic butcher and the friendly people that live here,” she said.
Property consultant at EIS Property Barry Wheeler said South Hobart homes sell “incredibly quickly”.
He said the area had seen a 30 per cent to 40 per cent price hike in the past 12 months.
“It has a bush feel but you are just 3.5km from the city centre. It has wildlife, views, great schools, friendly residents and a lovely mix of young families alongside people that have lived in South Hobart for 40 years,” he said.
Mel Bush owns the Cascade Hotel and also lives in South Hobart. She is excited her suburb has been named the most popular search on realestate.com.au. Picture: LUKE BOWDEN
Ms Conisbee said during the past decade areas that have seen the strongest capital growth were those where the age of its residents had transitioned.
“They tend to be suburbs where there were a lot of older residents but then for one reason or another the suburb becomes attractive to younger people and it sounds like South Hobart is one of those areas,” she said.
Across Hobart the report found that demand was up by 19.6 per cent, which led the nation.
Hobart’s median house price for the third quarter of 2018 was $445,000, which was down 1.4 per cent compared quarter-on-quarter but up by 12.7 per cent year-on-year. This annual figure was the best result in Australia.
Ms Conisbee said Hobart remained the strongest capital city market in Australia, continuing to see double-digit growth in demand and pricing.
However, she said there have been a few signs that, although buyers continue to be very active, the property boom will start to wind down over the next 12 months.
She said offshore property seekers have pulled back a lot and rental demand on realestate.com.au had also slowed.
In July, a report from CoreLogic revealed that South Hobart was top two in Australia for the largest change in home prices over the past year, three years and five years.
At that time its sky-high median price change over the 12-month period was 35.3 per cent, 46.7 per cent compared to prices three years ago and 64.1 per cent higher than five years ago.