KINGSTON BEACH took out the number one spot as Tasmania’s best performing housing market last year.
The latest data from CoreLogic has revealed huge median price growth with the cost of houses in the beachside suburb growing by over 40 per cent in 2018.
At $760,000, Kingston Beach was the State’s sixth most expensive suburb behind Battery Point, Sandy Bay, Acton Park, Dynnyrne and Glebe.
Cambridge was the only other suburb to record median price growth over 40 per cent. In Cambridge there were 15 house sales last year while Kingston Beach recorded 26.
Brittany Harris and Kurt Wells have just gotten a foot in the door of this coveted corner of the property market and they are “stoked”.
The couple bought a historic cottage that fits the bill perfectly for their renovation and restoration dreams.
Ms Harris said they had been looking to buy for a year.
They attended open homes throughout the city but found it was common to see dozens of groups of potential buyers and fierce competition.
When inspecting their Kingston property the couple attended the first and second open homes, put in an offer on the Sunday and it was accepted that night.
“We wanted this type of home, an older cottage that we could restore and put our stamp on it,” she said.
“It wasn’t easy to find, a lot of older properties have already been restored or the work has been half started.
“Our focus will be keeping the heritage feel. Job number one will be uncovering the original floorboards that are hidden under carpet; then it will be new paint and work on the front facade.”
EIS Property Hobart property consultant Alison Rogers said Ms Harris and Mr Wells’ late Federation Edwardian cottage generated a lot of interest due to its history, character and desirable location.
“It provided an entry point into such a liveable area,” she said.
“The relationship that exists between Kingston Beach residents and this beautiful suburb is obvious; people want to be a part of it.”
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Ms Rogers said Hobart was coming off the back of an extremely strong year.
She said “pockets of Hobart” were still producing outstanding results.
“However, we need to heed the signs that are sneaking in of a softening market,” she said.
Ms Rogers said tegardless of the state of the market, the homes that will perform well will be the ones that are “sold by agents who have tuned into to the intrinsic value of the home and its location”.
“A strong relationship with buyers is essential to ensure the very best result,” she said.
In suburbs that turned over an average of at least one property per month last year, CoreLogic recorded seven suburbs with growth between 30 per cent and 40 per cent.
There were 25 house markets and 10 unit markets with median growth between 20 per cent and 30 per cent.
There were 29 more suburbs where houses and nine suburbs where unit medians grew by 10 per cent to 20 per cent.
BEST OF THE BEST
Suburb, sales, median price, change in median price, days on market
Kingston Beach, 26, $760,000, 42.7%, 11
Cambridge, 15, $590,000, 41.6%, 24
Richmond, 31, $630,000, 36.2%, 25
Maydena, 19, $204,000, 36%, 36
Cooee, 15, $253,000, 33.2%, N/A
Burnie, 18, $315,000, 31.9%, N/A
Clarendon Vale, 31, $215,500, 30.6%, 8
Huonville, 21, $290,000, 34.9%, 8
Mount Stuart, 12 $421,250, 31.6%, 9