Tasmania Property Market Update April 2019

Hobart Property Prices

Just like property price rises, the summer is not ending in our southern capital!

Want to buy in a reasonable area but keep some coin in the pockets? Taroona (the next suburb south of Sandy Bay) is a good place to start. It’s on the eastern bank of the Derwent River and thus many homes enjoy water views and is readily accessible to the shops and schools in Sandy Bay.

While the median price was $735,000 in 2018, for those on a budget, cheaper buys still exist.

3 Tower Court is a stand-alone two-bedroom brick dwelling on a 558 square metre site which recently sold for $475,000. A larger 132 square metre weatherboard house on a 675 square metre lot at 8 Meath Avenue recently settled for $535,000.

On the other side of the river at Lindisfarne, the median price is just $520,000. The suburb is adjacent to the bridge and given a clear run in, is just a hop skip and a jump to the city. Eastlands is located in the nearby suburb of Rosny.

A two-bedroom 69 square metre unit at 8 Ballawinnie Road just transacted for $338,000 while a larger 148 square metre weatherboard three-bedroom home on an 827 square metre lot in Cedar Street just sold for $425,000.

For buyers who want the champagne suburb, let’s have a look at Battery Point. The median price is just north of $1.15 million. Well, for $550,000, a compact two-bedroom, 56 square metre unit just sold in Battery Square for $577,000.

Larger stand-alone houses are a bit harder to find nowadays however. A three-bedroom historic 1890s cottage in sought after Waterloo Street on a 235 square metre lot did sell for $875,000 recently.

In general (as with most locations) the cheaper buys are available. It may need a bit of home renovation but provides an opportunity to make a capital gain. Pricing conditions remain positive, underpinned by continued improved economic performance and sentiment.

Chat with a Hobart Mortgage Broker today.