The housing phenomenon continues in Tasmania

The real estate marvel that is Tasmanian real estate continues with Hobart (+1.1%) values increasing over the last three months, according to CoreLogic. On an annual basis, the Tasmanian capital’s real estate market is growing at more than 7%.

Valuation firm Herron Todd White (HTW) reports that Hobart’s median house price (as at 1 February 2019) was $680,500, while the median unit price is $637,500. With median weekly house rents at $515 and units at $500 per week, the median investor is looking at gross returns of around 4%.

To the north of the state in Launceston, HTW reports significant growth in capital values over the past few years. Median house prices in Launceston are $421,000 while units are at $329,000. Median rents are $370 per week for houses and $288 for units, reflecting gross yields of around 4.6% for both property classes.

Real Estate Institute of Tasmania President Tony Collidge said, “Tasmanian residential sales and rental markets have been driven to record heights by an unwavering demand from buyers and renters.

“Tasmania has a buoyant residential real estate market where increasing employment opportunities, a flourishing tourism market, growing tertiary student numbers, and an alluring lifestyle destination have generated continued growth and demand at levels we are struggling to meet.”

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Our full-service commercial real estate network can provide in-depth knowledge of local and regional property markets, with insight and understanding that comes from being a part of a long-established national and international property group. Committed to personalised service and achieving unsurpassed results, our clients continue to benefit from our network strength, which allows substantial cross-flow of international referral, advice and investment.

The Raine & Horne Commercial network is comprised of 100% owner-managed offices and includes numerous industry leaders and award winners. We employ agents who are empowered, encouraged to share and who maintain first rate communication to deliver the best possible outcome with every transaction. We pride ourselves on staying abreast of local and national trends and developments in the property industry, resulting in consistently cutting-edge services and holistic solutions for our clients.

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