Tasmania among those with the strongest market pulses – report
Eight Hobart suburbs have bucked the housing market downturn and have been classified as “rising areas” in a new Hotspotting report.
Seven more suburbs across Tasmania’s regional areas were also considered on the rise, according to the national property report.
Hotspotting’s Winter 2023 Price Predictor Index showed Tasmania was the only property market in Australia to have an increased number of rising markets, realestate.com.au reported.
“Overall, it is one of the most bullish markets we’ve recorded for Tasmania in the eight years of our surveys,” said Terry Ryder (pictured above), Hotspotting managing director.
“There are only 11 locations classified as declining markets, compared with 27 just three months ago. These include Bridgewater, Invermay, Midway Point, Queenstown, and St Helens. The number of locations with negative (plateau or declining) classifications has halved from autumn to winter — 65 to 33. Markets that were struggling are now recovering. Tasmania, led by Hobart, is among the jurisdictions with the strongest market pulses, having appeared previously to be well past their market peaks.”
Kingborough has been identified as among the nation’s top 10 municipalities. All five suburbs assessed in this council area posted positive results, headlined by rising quarterly sales and strong median prices in Blackmans Bay and Kingston.
Over the year, sales in Blackmans Bay numbered 28, then 29, 40, and 45 in the past four quarters. In Kingston, sales increased from 66 to 67, then to 72 and 78.
In Clarence, seven of its 11 analysed suburbs ranked positively (rising, consistency or recovering), topped by Howrah, which had 27, 35, and 48 sales in the last three quarters.
In Glenorchy LGA, seven of 10 suburbs had positive classifications, including the suburb of Glenorchy, which had quarterly sales of 58, 65, 68, and 72.
In regional Tassie, West Ulverstone in the Central Coast LGA also saw sales increase over the past four quarters, from 15 to 17, to 20, then 30.
Tim Graham, Hotspotting general manager, said dwelling prices remained strong in some areas with weak sales activity due to a shortage of properties for sale.
“This is the most common complaint from property professionals and investors,” Graham said. “There is demand from buyers but a serious shortage of stock for sale.”
The Hotspotting index tracks housing sales volume rather than median price changes and asserts that a sustained rise in sales volume is a superior indicator of future pricing growth, realestate.com.au reported.
Below is a list of Tasmania’s rising suburbs:
|
|
Median price |
|
|
|
House |
Units |
|
Blackmans Bay |
$840,000 |
$600,000 |
|
Bridport |
$680,000 |
|
|
Brighton |
$590,000 |
|
|
Glenorchy |
$600,000 |
$470,000 |
|
Howrah |
$825,000 |
$605,000 |
|
Kingston |
$805,000 |
$600,000 |
|
Legana |
$705,000 |
|
|
New Town |
$955,000 |
$495,000 |
|
Old Beach |
$700,000 |
|
|
Prospect Vale |
$650,000 |
$480,000 |
|
Ravenswood |
$355,000 |
|
|
Sorell |
$680,000 |
|
|
West Launceston |
$630,000 |
|
|
Westbury |
$540,000 |
|
|
West Ulverstone |
$470,000 |
|
Hotspotting’s latest report is available at hotspotting.com.au.
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