Hobart home prices climb in August: report

Hobart’s median home price has jumped upward again as the property market’s spring selling season is set to begin.

HEATHER and Denis Hyland are ready to downsize their home, and they have got hopes for a bustling spring market to help make it happen.

The 76 and 82-year-old couple have lived in their family-sized Tranmere home with gigantic water and mountain views for 13 years.

Mrs Hyland said the views, weather, birdlife, and community atmosphere in their suburb was perfect.

Mr Hyland said it was a magical position and whoever buys the property will be “very happy here”.

“The view appealed to us when we first saw this house, and it is the thing we will miss most once we move on to our new home,” he said.

“We are looking for a smaller house and less land. But it has to be Tranmere, we wouldn’t want to live anywhere else.”

Today’s Home Price Index from PropTrack shows slight growth, a 0.27 per cent median price change in August, which was in line with the national price rise of 0.28 per cent.

PropTrack senior economist Eleanor Creagh said with interest rates holding steady and likely near or at their peak, confidence in the market was “likely to sustain”.

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Heather and Denis Hyland’s Eastern Shore home is on the market. Picture: Nikki Davis-Jones

The Hyland home at No.10 Vaughan Ct, Tranmere is priced at “Offers over $1.395m”, with Harcourts Signature.

Ms Creagh said home prices — houses and units combined — in Hobart are up 38.6 per cent since the start of the pandemic in March 2020, while being 3.86 lower than this time last year.

The city’s median house price is $719,000 and units $552,000.

Even with downward pressure on pricing over the past 18 months, Hobart’s median price remains higher than Perth and Darwin, and similar to Adelaide.

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Across the regions, Tasmania’s West and North West was the standout performer with 1.38 per cent annual growth across all dwellings. It’s also the most affordable area with a median home value of $450,000.

Launceston and the North East were down by 2.34 per cent, the South East 3.2 per cent and Hobart 3.86 per cent.

Eleanor Creagh, senior economist, PropTrack.

Harcourts Signature agent Lucy Johnson said spring is a prime time to sell a home as there can be more buyers in the market, but also more homes for sale.

“If a property is priced correctly and the marketing is good, we find that people can still achieve a good price for their property,” she said.

“Hobart homes under $600,000 will sell quickly, while higher end homes may take a little longer.”

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Harcourts Signature agent Lucy Johnson.

The report showed regional Tasmania’s median home value was down slightly, by 0.16 per cent monthly, and 1.25 per cent year-on-year.

However, they remain 52 per cent higher than they were in March 2020.

HOME PRICE INDEX — ALL DWELLINGS

City, growth per month and year, median value

Sydney 0.47% 5% $1.056m

Melbourne 0.15% -0.53% $804,000

Brisbane 0.27% 4.19% $752,000

Adelaide 0.64% 7.41% $679,000

Perth 0.31% 7.57% $597,000

Hobart 0.27% -3.86% $676,000

Darwin -0.38% -1.44% $498,000

Canberra 0.14% -2.11% $841,000

Source: PropTrack