Tasmanian Housing Market Begins To Cool
A sense of unease has made buyers and sellers cautious.
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Following a record 12 months for real estate sales for Tasmania, fresh data from the Real Estate Institute of Tasmania shows sales and prices are beginning to slow.
The REIT’s March Quarterly Report shows the first three months of 2022 have seen Tamsnai’s median house price increase a modest 1.7% to $610,00 with unit prices remaining unchanged at $485,000 and land prices decreasing 5.2% to $241,800.
As a whole the Tasmanian market softened in the first quarter, recording 2846 sales with a value of $1.66 billion with the number of sales down 4.7% on the previous quarter and down 11.2% compared to the same time last year.
Across the state, activity has varied greatly with the number of house sales across Greater Hobart falling 18% over the quarter, while prices grew 5.8% to $820,000.
According to REIT president Michael Walsh, there have been signs of a cooling market.
“Price growth had slowed but so has the number of properties coming onto the market,” Mr Walsh said.
“We are told that buyer inquiry levels and open home participation levels have dropped.
“World unrest, the upcoming Federal Election, rising inflation and interest rate increases have buyers and sellers cautious.”
The report also outlines first home buyer activity in the state was down 13% on the previous quarter, while investor activity remained stable, with sales numbers increasing 1.3% over the year to 567 — down 4.7% for the past quarter.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Scheduled auctions fall to winter levels as vendors hold back on going to market
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Grand final fever and the long weekend have dampened scheduled auction activity this weekend, CoreLogic reports.
The number of homes scheduled for auction this weekend is set to halve, with 1,324 properties listed, marking the quietest week since mid June. Melbourne will experience the quietest week since Easter, CoreLogic data shows, with 223 homes prepared to go under the hammer. In Sydney, 805 properties are expected to go to market, the lowest number in seven weeks.
With long weekends in Queensland and South Australia, numbers are also down in Brisbane (111) and Adelaide (86), less than half the properties available for auction the previous week. It’s a less dramatic drop in Canberra, where 83 homes are scheduled for auction, down -22.4 percent on the previous week.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
