Bursting at the seams? Hobart’s top suburbs for upgraders 

When people upgrade their home, the most desirable feature may not be what you first think, a property expert says. Hobart’s best upsizing suburbs revealed

SPACE is the No.1 most appealing feature when people upgrade their home.

Research from PRD chief economist Diaswati Mardiasmo has revealed her top picks for Hobart upgraders and upsizers and space is the key, she says.

While they were not the most affordable suburbs, they do give buyers the best chance at finding a home with four or more bedrooms.

For those shopping at the top of the market, Dr Mardiasmo suggested South Hobart and Sandy Bay, areas that had 13 and 32 four-bedroom property sales in the first half of this year.

In the $800,000-999,000 price bracket, she tipped Bellerive, West Hobart, New Town, Howrah or Lenah Valley as the best bets.

In the $700,000s, Kingston and Glenorchy have had the most large homes for sale so far this year.

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Dr Mardiasmo said that alongside the size of the homes and 2023 sales, her research considered projects and developments, potential growth in the area, and nearby amenities like Bunnings, major shopping centres or Blundstone Arena.

“A lot of the time, space is the most important thing to an upsizer,” she said.

“It can be more important than the desire to be in a blue-chip suburb, or to buy a home with architectural flare and flashy finishes.

“If you are a growing family in a two or three-bedroom house, a four-bedroom home would typically provide more living rooms, a rumpus, and a big backyard.

“If you have multiple children, space is vital — inside and outside.”

In his patch, Petrusma Property director Jake Towns said a lot of people upsize from city suburbs to acreage properties in areas like Sandford or Acton Park.

“In lifestyle suburbs like Acton Park, you’d be more likely to find a large ‘ranch’ than a two or three-bedroom home. They don’t exist,” he said.

“People who upgrade to big homes on larger blocks in these two suburbs can leave their work at work in the city, and then have their home as a getaway from the hustle and bustle.”

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Petrusma Property director Jake Towns says upgraders often want to leave work at work.

Meanwhile, Ray White research has revealed there are about 13 million spare bedrooms across Australia.

Based on ABS data, many of those are in the homes of couples with no children or single-person households.

Ray White chief economist Nerida Conisbee said a lot of housing problems come back to an inability to use these homes efficiently.

Ms Conisbee said downsizing was hard for people as they aged, adding that downsizers preferred to age in the same suburbs where they had spent most of their adult life.

“It is very rare for these suburbs to have suitable homes to downsize to,” she said.

“By developing more suitable accommodation, we could free up larger homes that can accommodate families that would better use all those bedrooms.” 

PRD chief economist Dr Diaswati Mardiasmo.

Nerida Conisbee from Ray White.

Dr Mardiasmo said downsizers often want a simpler, smaller home, but not to leave their preferred neighbourhood.

“But there are others that have had enough of suburbia, they want a new apartment that offers that inner city lifestyle,” she said.

“Others desire a life by the water, to downsize and retire to a beach suburb.”