TASMANIA’S JUNE QUARTER INSIGHTS The recently released June quarter reports from the Real Estate Institute of Tasmania (REIT), the state’s peak real estate body, gives insights into the state’s property market during April, May, and June of this year. REIT revealed that this quarter was Tasmania’s strongest results over the past 12 months. While prices remained relatively stable, sales numbers went up 7.5 percent over the quarter. The other major highlight was the return of investors to the market, which increased 41.5 percent over the quarter to be the strongest result in three years. Across all of Tassie, 1901 house sales were recorded at a median price of $610,000. That’s 11 percent up on the previous quarter and 3.5 percent higher than the same time last year. Sale increases continued regarding Hobart’s middle and outer suburbs, with a 19.8 percent increase over the quarter and a five percent increase on last year. It was a slightly different story in Launceston, which did go up 5.7 percent over the quarter, but down 10.7 percent on the same quarter last year. The median price of sales in Launnie also dropped (4.3 percent over the quarter). The north west recorded its best result in three years and exceeded both the previous quarter and last year’s results. The region’s median price was $502,000, which is the first time it broke the half million dollar level. Onto the big sales now. There were 215 sales for properties exceeding $1,000,000, an increase of four sales over the quarter but six fewer than last year. Tassie locals were responsible for 81.4 percent of these buys. There were 457 properties acquired by first home buyers, ten more than the previous quarter and 22 less than the same time last year. An increase in mainland investors saw mainland buyer interest surge to its highest level in three years. So, what suburb sold the most? That would be Burnie with 94 transactions. It was followed by Devonport with 67 sales, Kingston at 43 and New Norfolk and Glenorchy tied on 30.

HOBART LUXURY APARTMENTS AXED Macquarie Place, a proposed luxury apartment complex in Hobart, will not be going ahead after construction costs ballooned. The 56-unit development was estimated to cost $80 million, but building quotes came in 30 percent higher than expected, making the project financially unviable. The project was launched to market a year ago, and it would’ve turned the former Motors Holden dealership on Macquarie Street into luxury apartments alongside ground-level shops. Some buyers had already purchased apartments, however all purchaser deposits will be refunded. Units were selling from $725,000 for a one-bedroom to more than $3 million for the higher end three-bedroom apartments.

HOBART HOUSE PRICES UP Hobart’s median home price is on the up. PropTrack’s Home Price Index recently revealed a 3.1 per cent increase in the median value compared to last year’s results for the same time period. That equates to a $22,800 increase to the price of a typical home. At $665,000, Hobart’s median price is the second cheapest of the capital cities nationally, behind only Darwin. In other local real estate news, the Fern Tree family home of beloved photographer Peter Dombrovskis has recently been listed for sale in the south, and in the north the former home of James Boag III has hit the market for the first time. The Boags property, known as Daille, was built in 1902 in prestigious Newstead and has only ever been sold off-market before.

PROPERTY LENS

Address available on request, Riverside
Indicative price: Offers above $2.95 Million
Agent: George Bushby and
Joscelyn Bushby, Bushby Creese

287 Harveys Farm Road, Bicheno
Indicative price: EOI over $2 Million
Agent: Paul Whytcross, Roberts

16 Shearwater Esplanade, Shearwater
Indicative price: $2.7 Million
Agent: Sharyn Crack, Property Circle