Hobart's housing market has outperformed its peers over the past five years in terms of price growth, according to Domain's latest report.
House prices and unit prices have increased significantly over the past five years, by 57.3% and 70% respectively. This is the strongest capital growth of any major capital city over the five year period.
"House prices in Hobart hit new highs during the June quarter. Hobart was one of three cities to see houses rise in the three months leading up to June. For the first time on record, it is now more expensive to buy a home in Hobart than it is in Perth and Darwin, "said Nicola Powell, Senior Research Analyst at Domain.
However, Hobart & # 39; s momentum has slowed due to the impacts of COVID-19 on the local economy. Tasmania's capital is prone to tourism, which is the industry hardest hit amid the outbreak.
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During the June quarter, house prices in Hobart rose 1.4% to $ 529,388. Units, on the other hand, were down 1.5% to settle at $ 429,464. Still, unit prices in Hobart were 17.3% higher in June than in the same quarter last year.
Although risks to the Hobart market remain, Powell said the government's stimulus measures would help ease some of the downward pressure on prices.
"While there is no increase in urgent or troubled sales at this time, risks are ahead, especially given the extraordinary growth in value and salary medium low, ”she said.
Additionally, Powell has stated that Hobart has the potential to be a prime location for movers.
"Demand could be fueled further by Australia's success in dealing with the global pandemic relative to other countries, making it an attractive destination to reside," she said declared. "With the Hobart lifestyle and relatively affordable price compared to other major cities, this could be a drawing card for those looking to relocate."
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