Raine & Horne Eastern Shore has defied the usual pre-election lull by notching up 10 residential property sales in April, demonstrating renewed buyer confidence across greater Hobart, particularly in the tightly held Eastern Shore region.

 Just a seven-minute drive over the River Derwent from Hobart’s CBD, the Eastern Shore region continues to attract strong interest from owner-occupiers, with every one of last month’s sales going to local or relocating owner-occupiers.

 “Our office saw a real spike in buyer activity in April, and while the recent interest rate cut hasn’t hurt, the underlying driver of demand is a return to bricks and mortar due to growing uncertainty in the share market,” said Matt Carne, Principal of Raine & Horne Eastern Shore.

 “It’s also fair to say that improved consumer confidence, driven by the realisation there won’t be more interest rate rises and the prospect of future cuts possibly starting as soon as 20 May, is helping fuel buyer activity in the Hobart market.”

 According to Mr Carne, properties that are accurately priced are selling fast.

 “One of our April sales, a two bedroom home at 3/41 Beach Street, Bellerive[i] went under offer for $600,000 within an hour of going live online. That’s a clear sign of pent-up demand,” Mr Carne said.

 “The buyer had just sold his own home the week before and happened to be sitting in a doctor’s office car park when he saw the listing pop up online. He called immediately.

 “I took him through the property straight away, and he made a cash offer well above the asking price.” 

Despite a federal election campaign and a typically quieter autumn market, sales remained brisk, along with a consistent pipeline of new listings.

 “Our office has been part of the community for 22 years, and with around 400 properties under management and a prime office location in Bellerive, we’re well positioned to meet the level of demand we had in April,” added Mr Carne.

Investor interest heats up as units draw strong enquiry and development opportunities emerge 

On the investment front, Raine & Horne Eastern Shore has several investment and development transactions currently under offer, with strong investor enquiry continuing across the agency’s listings throughout the Greater Hobart area.

“Units in particular are attracting investor attention. For example, one delightful 2-bedroom unit we listed on 29 April at 3/18 Clift Street, Mount Stuart[ii], had attracted seven enquiries within 24 hours,” Mr Carne said. This well-maintained property is for sale for offers over $460,000 and is rented for $420 a week. At the first open home on the weekend there were two offers above the asking price.

Mr Carne added, “Another recent listing at 2/251 Macquarie Street in Hobart[iii] is drawing interest for its development potential and existing DA plans.

 “It’s for sale for offers over $650,000.”

For all your sales and property management services on the Eastern Shore contact Raine & Horne Eastern Shore on 03 6244 8338 or drop into the well-located office at 1 Cambridge Road, Bellerive.

[i] https://www.raineandhorne.com.au/easternshore/properties/3-41-beach-street-bellerive-7018-tasmania

[ii] https://www.raineandhorne.com.au/easternshore/properties/3-18-clift-street-mount-stuart-7000-tasmania

[iii] https://www.raineandhorne.com.au/easternshore/properties/2-251-macquarie-street-hobart-7000-tasmania