Oakdowns among Hobart’s best lifestyle suburbs, latest PRD data reveals
From low crime rates, above average employment and access to parks and playgrounds, a new report shines the spotlight on Hobart’s best suburbs for an affordable and liveable lifestyle.
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A HOBART Eastern Shore suburb is the place to be according to a new report from PRD Research.
Oakdowns was the only suburb to crack the Top 3 chart, houses and units, in the Affordable & Liveable Property Guide for the second half of 2021.
The report focuses less on median prices and sale transactions while including a broader range of factors such as low crime rates, access to amenities, unemployment at or lower than the state average, and the estimated value of development projects coming to the area.
PRD chief economist Diaswati Mardiasmo found that while Oakdowns houses and units had experienced strong price growth – 12.8 per cent (houses) and 31.5 per cent (units) – its median value was still well below greater Hobart’s, which is heading toward $700,000.
Oakdowns’ house median sits at $595,000 and units $480,000 with rental yields ranging from 3.9-5.3 per cent.
Nest Property marketing consultant Melinda Warren described Oakdowns as a sought-after suburb flush with new, high-quality homes and easy access to the city and nearby beaches.
Ms Warren said demand was strong because people were able to find great value for their money.
“The popularity of this area is growing like crazy. I’m finding most of our listings sell within a week or so of being put on the market,” she said.
Rounding out the report’s top suburbs were Berriedale and Howrah houses alongside Glenorchy and Moonah units.
While some of these suburbs may appear on the surface to be good options for young buyers, Dr Mardiasmo said there was an affordability issue in Hobart.
“Hobart remains the least friendly market for first home buyers, even more significantly in the second half of 2021,” she said.
“In our first-half report, buyers with a lower and lower-mid level budget could access 33.3 per cent of the market. However, now they can only access 14.9 per cent of houses.”
Dr Mardiasmo said there was no doubt the Hobart market remained hot due to supply issues.
However, she said an estimated $387 million worth of developments should offer a ray of hope for those looking to get into the market.
She said these mixed-use and residential projects would boost supply of ready-to-sell and ready-to-build properties in the southernmost capital city.
“Hobart residents must add 92 per cent on top of the Tasmanian state average home loan to be able to afford a house in Hobart metro,” Dr Mardiasmo said.
“For Hobart, a double-pronged issue exists.
“Firstly, there is an under-supply of housing stock in suburbs that meet all liveability criteria, resulting in continuous median price growth.
“This results in highly liveable suburbs having a higher median price than Hobart metro itself, which fails the affordability test.
“Secondly, there is a need to build infrastructure and commercial capacity in suburbs that pass the affordability test, to increase local employment and ensure the suburbs can pass other liveability criteria set.”
Originally published as Oakdowns among Hobart’s best lifestyle suburbs, latest PRD data reveals
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