Real estate prices in Hobart hit record highs in the last quarter, the latest estate house price report revealed.
From July to September, median house prices in the Tasmanian capital rose 6.9% to $ 555,754, the largest quarterly increase since the end of 2017.
Growth eclipsed Sydney's 1.2% rise in the third quarter, Perth's 0.9%, Brisbane's 0.4%, and the national figure of 0.9%. Melbourne showed zero real estate price growth in the previous quarter, mainly due to the government-imposed foreclosure.
Year over year, median house prices in Hobart rose 15.7%, eclipsing the 6.8% increase in Sydney, 1.6% in Melbourne 3.7% in Brisbane and the national average 4.6%.
Although real estate prices in the Tasmanian capital are still well below the median for Sydney ($ 1,154,406) and $ 875,980 in Melbourne, they are quickly catching up to Brisbane's $ 596,316.
But while house prices were on an uptrend, unit prices in Hobart fell further in the previous quarter, falling 9.1%, the largest drop among any capital city. The annual median of units fell for the first time in a year, with a 1.5% year-over-year decrease.
The median unit value in the Tasmanian capital has fallen to a one-year low of $ 384,672, according to the Domain report.
“The Hobart housing market has become very fragmented in recent months with homes outperforming units,” the report says. "The significant drop in unit values ??could be attributed to Hobart's exposure to tourism and the decline in investor interest will weigh on the value of units as the vast majority are in downtown Hobart."
“Although Hobart has been a prime destination given the relative accessibility and lifestyle it offers, the health pandemic could accelerate this trend as working from home becomes the norm for white collar workers, which will likely continue to support the house price. "
Top suburbs:
Albion
,
alderley
,
north epping
,
queens park
,
Kariong
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