Hobart continues to report sharp price increases despite the effects of the COVID-19 pandemic on the overall Australian property market.
The Hobart metropolitan area has seen price increases in its home and accommodation segments, according to the latest market update from PRD Research. Median prices this year are up 4.7% to $ 560,000 for homes and 4.2% to $ 442,000 for units compared to last year. These increases match the gains recorded last year.
"Limited inventory coupled with high demand continued to push prices up, hence the need to sacrifice affordability for livability," the report states.
The Hobart metropolitan area has experienced strong price growth in its housing segments over the past five years. This should give landowners confidence in the current value of their asset.
"A limited residential development pipeline creates urgent opportunities for local government and developers to work together to ensure that housing supply constraints are relaxed in the near future," says The report.
The Hobart metro area has also maintained a very resilient rental market throughout the COVID-19 pandemic. Rental yields in the area were 4.1% in the 12 months leading up to the third quarter of this year, with rents rising to $ 470 per week.
The region also saw a drop in the average number of days to market for rental properties, which fell to 20 days. In addition, the region maintained a vacancy rate of 0.6%, significantly lower than that of Sydney and Melbourne.
Top suburbs:
Dulwich Hill
,
Narara
,
sunshine
,
Belmont
,
Harris park
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