Real Estate

these tasmanian suburbs are smoking hot with over 35 per cent growth

Written by The ReReport

New figures show Battery Point’s median house price has grown by 41.6 per cent in the past 12 months. Picture: ROGER LOVELL

THE best-performing Tasmanian suburbs over the past 12 months may come as a surprise to some.
While an appearance by Battery Point or nearby city suburb Glebe sound like natural inclusions, the list’s
chart-toppers also include neighbourhoods way outside the central Hobart hub, including the West Tamar, Central Coast and King Island.
CoreLogic figures to June show six suburbs recorded median house price growth of more than 35 per cent.
With an average of at least one sale per month for the year-long period, Opossum Bay, Sulphur Creek, Currie, Exeter, Battery Point and Glebe recorded growth between 36.9 per cent and 41.6 per cent.
Of the top six suburbs, Currie recorded the highest number of sales at 20, followed by Glebe and Sulphur Creek with 16 each.
The highest median price was Battery Point at $1.34 million, followed by Glebe ($745,500), Opossum Bay ($571,500), Sulphur Creek ($435,000), Exeter ($350,000), and Currie ($284,000).
While an ongoing supply-and-demand imbalance in the Tasmanian housing market has played a large part in the state’s growth in recent years, acting REIT president Adrian Kelly said something else could be at play in these top-performing suburbs.
He said these strong numbers were partly due to “who is buying”, and also the small number of sales, which can have an effect on medians.
“Take Exeter for example,” Adrian said.
“Its previous-year sales were more towards investors and first-home buyers who were going for properties under $300,000. This was 50 per cent of the suburb’s sales.
“This year Exeter sales have been predominantly to second-home buyers.
“Ten of the 12 sales that we have recorded were over $300,000, so that helped push its median price up.”
He said that at Sulphur Creek, the market was driven by local buyers last year, whereas this year interstate purchasers — and one overseas buyer — account for half the sales, and they have been buying higher-priced properties above the median price.
“Glebe saw more investors in the previous year, with 75 per cent of sales below the lowest sale this year, which was $636,000,” he said.
“And it is a suburb where prices can range dramatically from $636,000 to $1.28 million, depending on who is buying and which properties are selling.”
Just outside the one-sale-per-month mark was Clarence Point with 11 sales and 36.5 per cent growth, and Lanena with 10 sales and 48.5 per cent growth.

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