Unusual circumstances in the midst of the pandemic seemed to have worked in favor of Hobart's real estate market, as it continues to be one of the best options for interstate and expat buyers, according to the latest report from Herron Todd White (HTW).
Mark Davies, local real estate expert at HTW, said Hobart has seen record selling prices and shortlist days. Home prices, he said, have exceeded sellers' expectations. CoreLogic figures show Darwin recorded the highest monthly median price gain in June, up 3% to $ 607,960.
"There is evidence that interstate buyers are entering the market further for fear of running out with the intention of buying now, getting relatively good rental yields and moving to the market. Apple Island at a later date, "he said.
A high proportion of buyers interested in Hobart were expatriates.
"On two recent occasions, as they were inspecting properties that have been sold, the buyers have been expatriates from abroad wishing to return," he said.
The cheaper suburbs of Darwin are doing well. Homes 20 minutes from the CBD and under $ 600,000 are popular with interstate buyers.
The prestige market is also attracting a lot of attention. High demand and lack of supply are pushing prices in this segment.
"This market over the past 12 months seemed to have been left behind due to uncertainty as to what global circumstances might bring," Davies said.
Davies thinks the future looks bright for Hobart and the rest of Tasmania, especially given the low interest rate environment.
"An increase in interest rates may tell a different story. It does not matter what type of property to seize. Be prepared to pay full price and don't expect to be the only deal on the table. always get professional advice for your real estate adventures, ”he said.
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