Hobart real estate: Suburb records tumbling weekly

New home price benchmarks are being set across greater Hobart’s suburbs every week this year, and experts believe the records will continue to tumble.

Numerous suburbs have set house price records this year, including Dodges ferry with a sale at $1.177m.

NEW suburb record prices have been set left and right throughout greater Hobart this year.

And it is not just the blue ribbon neighbourhoods where house prices are flying high.

New data from realestate.com.au has revealed 17 Hobart suburbs where a new benchmark has been set in the first few months of 2021.

In half of these suburbs, the previous record-holding sale was eclipsed by a double-digit percentage.

In addition to the settled sales, there were 10 more where the analysis shows a record sale but with a price that is currently undisclosed.

A historic home at Risdon was among the standout sales at 113 per cent over the previous high and a sale price of $1.3m. It was one of six that now have a record above the $1m mark.

Only two of the chart toppers had a record price above $1m prior to 2021.

This historic home at Risdon sold for $1.3m.

The Old Beach record has been pushed $255,000 higher by the sale of a riverside acreage, Electrona’s top sale now stands at $1.1m, and a Lewisham waterside property pushed that suburb’s benchmark up to $1.16m.

The longest-held record of the 16 sales was in Collinsvale, which is now $70,000 higher than the previous 2014 sale at $650,000.

Herdsmans Cove’s record is now $347,000 (9 per cent higher), Rokeby tipped the scales at $630,000 (4 per cent higher), while a Chigwell sale at $590,000 was 20 per cent higher than the previous benchmark.

The sale of this Old Beach property with riverside acreage raised the suburb’s record price by more than $220,000.

Economist at realestate.com.au Anne Flaherty said on occasion heart can win out over head for homebuyers.

“When people are buying their own home, they’re willing to pay above market price if they fall in love with it,” she said.

“For people who have sold recently, the growth we’ve seen in the market is helping them to, in turn, bring up prices in other areas.”

Real Estate Institute of Tasmania president Mandy Welling described the greater Hobart property market as “gaining momentum”.

“We would not be surprised at all to see a much longer list of record-breaking suburbs across the state,” Mrs Welling said.

“Although there have only been 10 sales in Risdon since 2017, the increase of 113 per cent in this suburb’s record price is superb.

“This record-breaking figure was attributed to a unique property for the area — nine bedrooms and 1.87ha — but nevertheless, an outstanding figure for the suburb to boast.

“The relative affordability of areas such as Chigwell and Herdsmans Cove allow us to make sense of the considerable increases in these areas (20 per cent and 9 per cent). And we would expect more records to be broken in these suburbs throughout the year.”

This Lewisham waterside property pushed the suburb’s benchmark up to $1.16m.

Mrs Welling said regional areas had performed extraordinarily well

“Sales in Electrona, Collinsvale, Molesworth and Tinderbox records were between 10 and 18 per cent higher than their past records,” she said.

“This data is a further example of the move to regional areas and is wonderful news for services and businesses in these areas.”

Ms Flaherty said plenty more records were likely to fall for as long as demand for homes remained high, interest rates were low and the pandemic drove lifestyle changes.

She said low rates combined with record household savings created a storm where people are able to spend a lot of money buying property.

Electrona’s top sale now stands at $1.1m.

Around the nation there have been record sales in 776 suburbs: NSW is leading the way with 299 sales that eclipsed a previous record, followed by Queensland with 158 and Victoria with 139.

The suburb record findings come amid REIT data revealing a 20-year high for sales activity in the Tasmanian market and a record total value for quarterly sales.

And, just last week, the most expensive Tasmanian home on record – excluding rural farm sales – was sold at $8m for an off-the-plan inner-city penthouse.

2021’s RECORD BREAKERS

Suburb, record price

Risdon $1.3m

Old Beach $1.225m

Chigwell $590,000

Electrona $1.1m

Tinderbox $1.565m

Collinsvale $720,000

Lewisham $1.16m

Molesworth $640,000

Herdsmans Cove $347,000

Huntingfield $662,400

Rokeby $630,000

Rosny $885,000

Oakdowns $680,000

West Moonah $892,000

Dodges Ferry $1.177m

Malbina $625,000

Midway Point $800,000

Source: realestate.com.au

Originally published as Hobart real estate: Suburb records tumbling weekly