Affordability drops in Hobart as property prices continue to rise and the island Apple loses its crown
Hobart may have lost first place while Sydney claims the title of the best real estate market in Australia.
In the three months ending August 2019, Hobart recorded only 1.0% growth, compared to 1.9% for Sydney. Hobart also fell behind Melbourne, which grew 1.8% over the same period, according to the CoreLogic Home Value Index of August 2019.
"In recent years, too many investors have been chasing the Hobart hotspot at a time when there was a lack of employment drivers, insufficient population growth, and spending. Infrastructure, "says Kate Forbes, national director of real estate strategy. at Metropole Property Strategists.
Indeed, the report on affordability of housing published by the Real Estate Institute of Australia (REIA) indicated that during the June 2019 quarter, price affordability had dropped in the state, the proportion of revenue required to make loan repayments reaching 25.8%.
"This represents a 0.4 percentage point increase over the quarter and a 0.4 percentage point increase over the June 2018 quarter," said REIA President Adrian Kelly.
"Tenant accessibility in Tasmania also decreased during the quarter as the proportion of revenues needed to meet median rents rose to 29.9%, an increase of 0.6 percentage points over the quarter. and an increase of 2.3 percentage points from the June quarter. 2018. "
In addition, the number of first-time homebuyers declined 6.1% from 12 months earlier. However, Kelly does not see this as a sign of negativity.
"This decline across the country is due to the increase in the average amount of loans after the lower levels of the March quarter – which seems to be an annual trend," he says.
"The number of loans granted to first-time homebuyers by the homeowner has seen an increase in five of the six months of 2019. This upward trend in loans to homebuyers is first house should continue, because in recent years there has been an increase in the last quarter of the year. "
In addition, Apple Isle has maintained a very positive buying sentiment, according to Income2Wealth's director, Paul Wilson.
"Markets like Tasmania have maintained a higher level of trust in terms of affordability as well as a perceived higher value in terms of what you could get for your money."
SUBURB TO WATCH
SUMMERHILL: Units struggle in the suburbs of Launceston
A stone's throw from Launceston's central business district, Summerhill is primarily a residential suburb of Tasmania. It offers an excellent view that appeals to residents.
However, property values ??fell over the 12-month period ending August 2019. House prices fell 1.9% to reach a median of just over 300,000 $, while the median unit value fell below $ 250,000. Meanwhile, rental yields were high, with the weekly average homes increasing to 5.4% from the year to June 2019. The average units were 4.8%.
Summerhill is, as its name indicates, located on a hill. There is a primary school here and secondary schools are a short distance away.
Education: Families have a choice of several schools in or around the suburbs
Affordability: House and dwelling prices fell to a median of $ 300,490 and $ 241,652, respectively
Suburbs:
collingwood
,
eagle worth
,
Homebush
,
Toowong
,
new city
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