Real Estate

Which Greater Hobart suburbs offer buyers the chance to find a discount price?

Written by The ReReport
As seen in the Source link, written by on 2019-05-17 00:00:00

Location Photos

The largest “average vendor discount” in Greater Hobart was recorded in Eastern Shore hot spot Bellerive. Picture: ROGER LOVELL

THE idea of finding a bargain property in Hobart has been near impossible in recent years.

But with the REIT reporting a softening in Tasmanian median prices and sales volume at the start of 2019, is it too soon to dream of buying a Hobart house at a super-sharp price?

CoreLogic RP Data’s monthly rankings of “average vendor discount figures” for the 12 months through January shows that there are Greater Hobart suburbs where initial listing prices and the final sale figures are tens of thousands of dollars apart.

Bellerive posted the largest discount figure of -6.3 per cent.

Take 6.3 per cent from this Eastern Shore suburb’s median house price of $615,000 and a buyer would surely be thrilled to have picked up a home for $38,745 less than it was originally listed at.

The numbers look pretty similar in city-fringe suburb Lenah Valley where the median is $551,250 and the average discount was 6 per cent, which calculates out to more than $33,000.

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Be on the look out for a sharp deal in Lenah Valley.

In the Sorell seaside suburb Primrose Sands where the median is lower, a 6.1 per cent vendor discount of $260,000 works out to a still not shabby $15,860.

However, an important piece of the property puzzle in Hobart has been the severe lack of stock, which pushed supply and demand out of balance.

It is fine — in theory — to hope and hunt for a sharp property price, but when there are few houses to choose from the balance of power can shift back to the seller.

At this time last week there were 18 houses on the market in Bellerive and 17 in Lenah Valley.

In Primrose Sands there were just 12 houses available to buy on

Bellerive house prices ranged from “Offers over $450,000” to an expressions of interest campaign that would be in the millions.

In Lenah Valley houses started at “Offers over $345,000” through to one in the $800,000-plus range.

At the other end of the report, there were two Greater Hobart suburbs where vendors did not need to budge on price.

Rokeby and Kingston posted discount figures at 0 per cent.

CoreLogic’s vendor discount percentages are an average of all private treaty sales which sold for less than their initial asking price during the last 12 months.

Houses sold for more than the asking price, auction listings and listings without an advertised asking price are excluded from the calculation.