House prices in Hobart have risen dramatically in the first three months of the year, surpassing prices in other capitals, according to Domain's latest market update.
During the quarter, house prices in the city rose 7.6% to $ 601,567, hitting a new record. This is the strongest quarterly growth recorded since 2017. On an annual basis, prices over the three-month period increased by 15.9%.
Price growth in Hobart appears to be accelerating. In fact, the city was the most affordable capital to buy a home at the end of 2019. Since then, however, prices in the city have exceeded those in Darwin, Perth and Adelaide.
Homes continued to outperform units in price appreciation, with the latter even reporting a 0.8% decline to $ 430,716 in the first quarter of the year. This drop was due to the Hobart interior region, which was the only region to report a drop on an annual basis.
Yet Hobart outperformed other capitals in terms of house price and unit price growth over a five-year period. Prices have increased 73% for homes and 67% for units over the past half-decade.
"During this period, population growth has increased dramatically, especially from interstate shoppers who view Hobart as affordable compared to mainland cities and they also tend to have deeper pockets due to the location. Mainland wage gap and island state, "Domain said.
While construction has already resumed in Hobart, limited supply continues to be a major driver of price hikes in the city.
"The local way of life and successful control of the pandemic, along with the desire to live in low density, will continue to put Hobart in the spotlight," Domain said.
Top suburbs:
queens park
,
Bligh park
,
berala
,
Gladesville
,
st peters
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