Attractive areas: Hobart’s top suburbs for new home buyers

Which Hobart suburb offers the most opportunity for buyers to snag a freshly built new home? See the top 10>>

Jarrad Bevan

@JarradBevan

3 min read

August 9, 2024 - 5:30AM

Hobart’s best suburbs for new incoming homes have been revealed in a national property report. Picture: Supplied

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BUYERS should look to Kingston when searching for newly built homes, the latest research shows.

PRD Real Estate’s national research team has revealed Hobart’s top 10 suburbs with the highest number of incoming ready-to-sell housing opportunities.

Chief economist at PRD, Diaswati Mardiasmo, found Kingston has 110 new homes in the pipeline, with the suburb of Hobart the next highest at 60, followed by Risdon Vale at 48.

Of the Hobart top 10, half were considered to be projects in affordable areas when compared to Hobart’s median price.

At about $440,000, Risdon Vale’s median house price is significantly more affordable, 36.4 per cent lower, compared to Hobart.

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While Kingston houses, $735,000, were more expensive than Hobart, $692,000, Dr Mardiasmo said the difference was only about 6 per cent.

She said this, combined with the amount of opportunity coming to Kingston, made it a standout suburb.

“In the past 12 months, Kingston recorded double-digit sales growth,” she said.

“Clearly, more and more people are attracted to this area.

“It is close to Hobart if you need to commute into the CBD, but it is more affordable than other city fringe areas like Bellerive or South Hobart.”

PRD chief economist Dr Diaswati Mardiasmo.

She noted major projects in Kingston include a six-level development in Goshawk Way bringing 50 homes to the area and another 36-home development on Maranoa Rd.

“We looked at about 100 suburbs, but a large portion had no incoming ready-to-sell stock,” Dr Mardiasmo said.

“There are more opportunities in Kingston than other suburbs, but it may mean paying a premium price compared to metro Hobart prices.

“The research showed there are more affordable options in areas like Rokeby, Berriedale, or Clarendon Vale but these suburbs have 23, 15 and 11 stock options incoming. Buyers in these suburbs may have to fight to secure one of these new homes.”

The research highlighted a five-storey complex to be built in the heart of Bellerive, at No.39 Cambridge Rd. It will feature residential and office space, including 10 apartments.

Artists impression of a development on Cambridge Road. Picture: Jaws Architects.

It said 36 townhouses were coming to Maranoa Rd, Kingston and 45 dwellings in 199 Macquarie/49 Molle streets.

No.8-10 Petchey St is set to bring contemporary homes to historic Bellerive Bluff.

Titled the Westbrook Residences, the initial six homes are available to be secured now with a total of 17 to be built.

Harcourts Signature director Candice Gottschalk described the tightly held Bluff as one of Hobart’s most prestigious neighbourhoods.

She said these three and four-bedroom homes are a “once-in-a-lifetime” opportunity.

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Traders in Purple development director Tasmania Jennifer Cooper and development manager Kristy White. Picture: Chris Kidd

In Kingston’s Goshawk Way, Traders in Purple is bringing 50 dwellings to the Kings Quarter development in a six-storey complex.

Development director Jennifer Cooper said they expect the purchaser demographic will be similar to that for the Birch Row homes, which are now complete and occupied.

“It will attract a mix of downsizers, professionals and investors, with a high proportion of local buyers,” she said.

No.8-10 Petchey St, Bellerive. Picture: realestate.com.au

While Tasmania’s median home prices have trended lower or sat flat over the past two years, Dr Mardiasmo said buyers in affordable areas were primed for the next growth cycle.

“There are Hobart suburbs that have already turned the corner toward growth or are on the cusp,” she said.

“An area like Rokeby had 0.4 per cent price growth over the past year, but demand is high with 86 sales — up by 34 per cent. And it only has 23 ready-to-sell new homes incoming. That is not enough to satisfy demand.

“Rokeby is about to turn, it could take off quickly.”