Tasmanian Real Estate Sets New Record

Launceston has seen median house prices increase by 23.8% in the past year – now up to $470,000, according to the latest data from the Real Estate Institute of Tasmania (REIT).

The REIT’s quarterly report noted a record 4.46 billion in real estate sales in Tasmania over the past 12 months until September.

Sales in 2021 lifted by 15.8% on the previous year with values up 18.7%.

Across the state, the median price for a Tasmanian home in September was $520,000 – an increase of 7.4% over 12 months.

According to REIT, the lift in property prices has lowered investment levels. Mainland buyer numbers were up to 1653 from 1051 last year but only represented 18.1% of sales.

Investor levels tell a similar story with sales to investors up to 36.5% compares to last year however represented 19% of all sales.

Real Estate Institute of Tasmania president Michael Walsh said strong buyer demand and a severe lack of supply was being experienced by each Australian capital city.

“We clearly need to find avenues to release the pressure that has been placed on the rental and sales markets by seeking the government’s help to look for ways to expediently create more rental properties and building more established homes for sale,” said Mr Walsh,

With investor levels down, a rise in pressure on rental asking prices has been felt across the Tasmanian market. The quarterly report indicates rental vacancy rates are between 0.8 to 1.2 % across the state.

Former Google CEO Eric Schmidt is selling his Northern California estate, which was listed Monday for $24.5 million.

Located in Atherton, an extremely affluent town northwest of Palo Alto and about 30 miles south of San Francisco, the 3.36-acre property is made up of three parcels that Schmidt acquired over the years, according to public records and Compass, who has the listing.

Schmidt, 69, and his wife, businesswoman Wendy Schmidt, purchased the main home in 1990 for $2 million, according to public records accessed via PropertyShark. They remodelled the 1969 home in 2007, and at that time, bought a neighbouring parcel of land, allowing an expansion of the main house and the addition of a guest house, according to Compass, who holds the listing. A third parcel was later acquired, on which the Schmidts added an English garden house and landscaped grounds overlooking the Eastern Hills.

“Finding three contiguous parcels in Atherton is rare. Even rarer are those with views of the Eastern hills,” said listing agent Katharine Carroll of the reSolve Group at Compass. “The location of this residence is ultra private, at the back of a cul-de-sac with the main house built into a hillside that provides privacy and very good security.”

Across the estate, there are five bedrooms, five full bathrooms and six half bathrooms.

The 5,265-square-foot main house also offers a number of private outdoor spaces on its upper level, including a large terrace off the primary suite, another large terrace off a secondary bedroom, plus a third smaller terrace and two balconies.

Behind the main house is a patio with a pool and spa. For even more outdoor space, there’s an entertaining pavilion, an open lawn and an outdoor fireplace area near the guest quarters.

The grounds themselves are also a standout feature, with an array of mature plants and specimen trees. The upper portion of the property’s landscaping is designed around an Amdega-designed conservatory, which was imported from the U.K. Around the greenhouse, there is a garden of raised beds and fruit trees, Carroll said.

“From the moment you step onto the grounds, it feels as if you’ve been transported to a private botanical sanctuary,” she said.

Schmidt served as Google’s CEO from 2001 to 2011, and then became the company’s executive chairman until 2015. He could not be reached for comment.

This article first appeared on Mansion Global

Tasmanian Real Estate Sets New Record

The state’s median house price is at a record level.