Hobart luxury house price growth tops nation

New research by Ray White’s senior data analyst Atom Go Tian shows exactly how far Hobart has come with luxury unit prices doubling (up by 100.9 per cent) and luxury houses growing further again, up by 122.4 per cent.

Brisbane houses were the only other market to record growth above 100 per cent. Nationally, houses grew by 84 per cent and units 53 per cent.

Mr Go Tian said the luxury market had demonstrated “strong long-term growth trends” over the 2014-2023 period.

He described Hobart’s performance as “remarkable”.

Atom Go Tian, Ray White Group senior data analyst.

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Ray White luxury homes report.

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The research showed Sandy Bay had the largest number of luxury house sales, followed by Old Beach and North Hobart.

Sandy Bay also led the way for luxe units, followed by neighbouring Battery Point, Hobart, Kingston Beach and Tranmere.

Ray White Hobart managing director Nick Cowley said Tasmania is no longer Australia’s best kept secret.

“Clearly, it is not a secret anymore, with our breathtaking scenery, stunning local cuisine and never-ending list of places to see and things to do, we are a destination for the financially stable mainland purchasers,” he said.

While prices grew in excess of 100 per cent, Mr Cowley said there was still better bang for buck in Hobart compared to other cities.

“With a multitude of high-end luxury apartment complexes approved for development in and around the city with retail prices per square metre still 50 per cent cheaper than similar locations in Melbourne and Sydney, Hobart represents exceptional value for money,” he said.

“Luxury properties are, in the majority of cases, a lifestyle decision for the more affluent purchaser.”

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Ray White Hobart managing director Nick Cowley.

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Often, Tasmania’s top sales of the year will be homes in prestigious Sandy Bay and Battery Point. And already this year there have been some large transactions.

No.2 Derwent Ln, Battery Point sold for $3.55m (Elders), No.50 Lipscombe Ave, Sandy Bay fetched $3.11m (Elders), and No.100 Salamanca Pl, Battery Point sold for $3.3m (Wolf). In Kettering, a 17ha property with a highly awarded home sold for $7.6m.

No.2 Derwent Ln, Battery Point.

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No.50 Lipscombe Ave, Sandy Bay.

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No.100 Salamanca Pl, Battery Point.

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The high-priced action is not always in the city centre. Sometimes, a property a little further out of the city will make its mark on a buyer with the lifestyle that is on offer, and turn initial curiosity into a must-buy.

This was the case at No.61 Bull Oak Way, in Grove, about a half-hour drive from Hobart.

The 1.12ha property with a sleek and sophisticated four-bedroom home sold for $1.4m.

Mr Cowley said they sold this stunning property to a couple moving to Tasmania from the Blue Mountains in New South Wales.

“We were all standing outside admiring the views across to Mt Wellington/kunanyi and the iconic Sleeping Beauty, and it reminded them of home,” he said.

“I asked what you would expect to pay for a similar property with this outlook and quality construction in NSW, and they said ‘minimum $5m’.