The Tasmanian housing market has seen one of the largest increases in value among state capitals, due to fierce competition for housing in the state, according to the latest Quarterly Economic Review by CoreLogic.
In the three months to April, the state capital of Hobart recorded the second largest increase in home values ??over the period at 7%, next to 8.8 % of Sydney
Regional Tasmania also recorded a large increase to 7.7%. This was the highest gain recorded by a non-metro market across Australia during the period.
"The combined Tasmanian housing market has not seen a single quarter of the value drop since falling by half a percent in August 2016. House price increases across the Tasmania have been particularly exacerbated by low enrollment levels, ”CoreLogic said.
]
In fact, as of May 23, 2021, the total enrollment in the state was 46.1% below the typical enrollment level at this time of year.
The low level of registrations could also explain why the sales volume from the year up to April declined by 2.6%.
"Tasmania is the only state where sales volumes declined during the year, despite some of the larger price increases. This implies that the lower sales volumes are tied to the ; supply rather than on-demand, "the report states.
CoreLogic expects home values ??to continue to rise statewide, especially as the state recovers from the effects of the COVID pandemic -19. However, the report pointed out two potential risks that could arise from this trend.
"If COVID-19 cases were to increase pending large-scale immunizations, this relatively large segment of the economy would suffer a significant shock to economic activity, which could weaken housing market conditions. Affordability constraints are also extremely pressing around the world. State, especially in rental markets where the vacancy rate remains extremely low, ”he said.
Top suburbs:
Darlington
,
st peters
,
sunshine
,
melton
,
West Rockhampton
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 make sure you have no only from the lowest possible rate, but also have the loan features to suit your needs.
Just fill out a few details below and we will then arrange for a local mortgage broker contacts you and determines 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
