Hobart's housing market has been able to meet expectations over the past year despite the impacts of the COVID-19 outbreak on the economy, according to Herron Todd White .
Ongoing support in the form of rate reductions and housing programs managed to reverse the lull between April and June, boosting activity in the area throughout the year.
"We predicted that the lower socioeconomic areas would level out, but that couldn't be further from the truth, these areas surpassing the higher value areas," said Stephan Ning Liu, real estate expert at Herron Todd White. ]
Liu said that the low-cost environment makes buying cheaper than rent. However, accessing finance remains a challenge for most low-income households as banks tighten their lending rules.
Still, Liu believes that the current loan conditions are stimulating activity in several parts of the market, not just in lower socio-economic areas.
For example, there are still high-end real estate transactions even though real estate sales of over $ 1.5 million have slowed since the pandemic.
In addition, properties valued up to $ 600,000 continue to receive good demand, with multiple bids exceeding asking price.
"What 2021 will bring us in the south is a guess, but it would be fair enough to predict a stable market with possible increases due to historically low interest rates, scarcity of money. supply and many owner-occupiers and investors about to buy a safe piece of the Apple Isle real estate market, ”he said.
Top suburbs:
rooted hill
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campsie
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queens park
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