Median home vales for 60 best suburbs revealed

Hobart’s home values continue to climb with prices soaring to record highs month after month. See what the typical home in your suburb is selling for >>

NEW home value benchmarks are being set left and right this year but in new figures it was an unassuming area that led the latest growth charge.

Battery Point and Sandy Bay tend to grab the headlines, but it was Hobart’s northern suburbs that topped the charts in CoreLogic’s quarterly growth figures.

In suburbs with at least 20 sales, nine of the top 10 best performing neighbourhoods were located in the Glenorchy municipality.

This includes houses in Rosetta, not just Hobart’s No.1 but also statewide with a 13.8 per cent median price change in the past three months.

Neighbouring Montrose and Chigwell houses were not far behind with an 11.4 and 11.3 per cent increase in values followed by West Moonah (11.2 per cent), Claremont (10.9 per cent), Berriedale (10.4 per cent) and Lutana (9.8 per cent).

The Glenorchy suburb achieved top level growth in houses (10.5 per cent) and units (9.6 per cent).

Compared to the highest calendar year medians on record, all of these suburbs have a higher median value right now – many by a six-figure margin.

Local agents describe these suburbs as hot with prices flying high and properties selling quickly.

LJ Hooker Pinnacle Property sales consultant Ben Ayers said record numbers of people were coming to open homes and huge sale prices were fairly common.

“It has been incredible,” he said. “We had one last month with about 130 people through and 15 offers, it’s that competitive,” he said.

“The mix is owner-occupiers and investors in the northern suburbs, but not as many mainlanders as there used to be with the borders closed.”

Mr Ayers was not surprised to see the Rosetta market firing.

“It’s an area with a lot large houses and often tightly held,” he said.

“They can fetch big prices, which would have an effect on the rise in median values.”

CoreLogic’s head of research Australia, Eliza Owen, said across the state all but one of the hundreds of markets analysed (Rosebery houses -1.1 per cent) recorded an increase in values through the past quarter.

On many levels, Tasmania has seen the strongest performing dwelling market through the pandemic, Ms Owen said.

“In the year to September, Tasmanian dwelling values increased 27 per cent, which is the highest of the states and territories. Despite a slowdown in rent values at the onset of the pandemic, rent values have fully recovered and are now sitting at record highs,” she said.

“At this point in the cycle, growth across quarterly house values seems to have been stronger to the west of the River Derwent around Hobart.”

Ms Owen said Tasmania was the only state (alongside NT) to see units outperform houses in recent months with house values increasing 6.2 per cent while unit values rose 7.8 per cent.

“This could reflect a greater pivot towards affordable housing stock, or reflect the demand for more retiree-orientated property, which tends to be lower maintenance, attached property,” she said.

Across the Hobart and South East SA4 Regions, every suburb returned quarterly home value growth ranging from 1.1 per cent to 13.8 per cent.

While this ascension is sharp, the annual figures are mind-boggling with Geeveston houses (16.4 per cent) recording the lowest level of growth while Brighton units were the top of the table pushing 38.2 per cent higher.

There were 13 suburbs where house values have pushed beyond 30 per cent annual growth, from 30.4 in South Hobart to 37.7 per cent in Triabunna.

In the unit market, seven more suburbs have performed at this level ranging from 30.2 per cent in Howrah to 38.2 in Brighton.

There are three dozen suburbs in the south of the state with between 20 and 30 per cent growth annual growth.

LARGEST QUARTERLY GROWTH SOUTHERN TASMANIA

Suburb, House or unit, Quarterly home value change, 12 month value change, Median

Top 20

• Rosetta, H, 13.8%, 29.5%, $643,916
• Montrose, H, 11.4%, 28.3%, $619,459
• Chigwell, H, 11.3%, 28.4%, $514335
• West Moonah, H, 11.2%, 30.7%, $661,363
• Claremont, H, 10.9%, 31.1%, $548,359
• Glenorchy, H, 10.5%, 27.7%, $565,002
• Berriedale, H, 10.4%, 26.9%, $536,037
• Lutana, H, 9.8%, 26%, $587,973
• Glenorchy, U, 9.6%, 33.5%, $445,322
• Blackmans Bay, U, 9%, 35.3%, $574,639
• Howrah, U, 9%, 30.2%, $581,790
• Bellerive, U, 8.9%, 32.1%, $571,939
• North Hobart, H, 8.8%, 33.7%, $995,017
• Austins Ferry, H, 8.8%, 24%, $617,207
• Brighton, U, 8.6%, 38.2%, $404,217
• New Norfolk, H, 8.2%, 27.3%, $445,089
• Blackmans Bay, H, 8.2%, 30.6%, $902,106
• Richmond, H, 8%, 31.9%, $769,102
• Claremont, U, 8%, 27.1%, $431,665
• Kingston, U, 7.8%, 31.2%, $549,830

For the full list visit themercury.com.au/real-estate

Source: CoreLogic figures to September 30 for the greater Hobart and the South East region. Suburbs with less than 20 annual sales excluded.

First-time buyer’s home run

TIME pressure is among the biggest challenges when purchasing property in Hobart’s hot market, a recent buyer says.

Amelia Geniola spent five years saving, attended countless “pretty packed” open homes, and for a while was checking realestate.com.au daily before securing her first home last week.

The West Moonah resident bought off the plan in Geilston Bay, an area where the median has risen by 4.7 per cent quarterly and 23.4 per cent annually. She was one of 22 buyers to secure a home in Orchard Hill Estate.

“I’d say the time pressure of how quickly you have to move if you want to make an offer was the biggest challenge,” she said.

Amelia Geniola 24 has bought a home off the plan in the new housing development Orchard Hill Estate in Geilston Bay with the home to be completed in 2022. Picture: Nikki Davis-Jones

“Offers are being taken at a first open home, sometimes due by 2pm that day.

“You have to act fast even if it is daunting and overwhelming.

“I would look continuously for months and then take a break as it is so time consuming and the process can get frustrating.”

Miss Geniola, 24, said many of the established homes she inspected sold for $100,000 more than the initial asking price and “sometimes even more”.

“Properties in need of so much work are selling for crazy amounts,” she said.

“To anyone trying to get a foot in the door I would say: be persistent, do your research, be prepared, see a mortgage broker and know your limits.

“Stick to a budget that works for you and make a list of your ‘must haves’.”

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