According to the Real Estate Institute of Tasmania (REIT), the Tasmanian real estate market has started to see market activity return to pre-COVID-19 levels.
The state appears to be on track to achieve its ninth consecutive record year of overall sales value, which is expected to exceed $ 4.1 billion.
During the September quarter, the home and residential segments recorded sales growth of 32% and 39.1%, respectively. Land sales also recorded a significant gain of 70.1%.
The state also saw an increase in first-time homebuyer activity, with sales to the segment increasing by 48.4%.
If there is one segment that has shown weakness during the period, it would be Interstate Buyers. They accounted for less than 10% of all sales for the quarter, which is 70.7% lower than pre-COVID-19 activity levels in the segment.
REIT CEO Mark Berry said mainland buyers typically accounted for 20% to 23% of total sales. However, throughout 2020, local buyers have driven local market activity, accounting for over 90% of transactions.
"The lack of properties for sale has resulted in unprecedented pressure on prices which continue to rise," he said.
Berry said that the limited supply of homes has led many buyers to focus on buying vacant land.
"The fact that 1,705 land sales took place this year should give confidence to the government and the construction industry for the future to come," he said.
Top suburbs:
coburg north
,
Alexandria
,
Midland
,
Flemington
,
Darlington
Get help with your investment property
Do you need help finding the right loan for your investment?
When investing in real estate, it is important to ensure that you not only have the lowest available rate possible, but also have the right loan features for your needs. needs.
You only need to fill in a few details below and we will then arrange for a local mortgage broker to contact you and determine the characteristics or types of loans that suit your needs. We'll even help you with the paperwork. In addition, an appointment is free.
We value your privacy and take all your information seriously – you can check
our privacy policy here
