Tasmanian Real Estate Sets New Record - Kanebridge News
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Tasmanian Real Estate Sets New Record

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

By Terry Christodoulou
Fri, Oct 29, 2021Grey Clock < 1 min

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.

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