Two beach suburbs among quarter’s top performers

Dozens of Hobart suburbs have turned from declines to price growth this year — was yours among them? See the results>>

2 min read

April 6, 2024 - 6:30AM

Taroona recorded some of Hobart's best house price growth over the past quarter, per new PropTrack figures. Picture: Supplied

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GREEN shoots have shot up in two dozen Hobart suburbs.

Exclusive PropTrack’s quarterly home price data shows city suburbs like Taroona and Bellerive, alongside beachy burbs further out of the city — Carlton and Dodges Ferry — posted median house price growth over the past three months.

Taroona and Carlton led the charge with a 3.9 per cent increase, Dodges Ferry was up by 2.2 per cent, Bellerive 1.9 per cent and Midway Point 1.7 per cent.

However, 29 suburbs recorded a quarterly pricing dip.

This ranged from virtually flat figures in Lindisfarne and West Moonah (0.1 per cent decrease), through to a 7.8 per cent reduction in Sandford. Sandford, however, remains one of the few greater Hobart suburbs with a median price above $1m.

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It is fair to say Hobart home prices have stabilised, PropTrack economist Anne Flaherty said.

“There has been a pricing correction last year and the year before, following on from the boom period of 2020-21 when a lot of people were moving to Tasmania,” she said.

“There has been an increase in the number of properties hitting the market for sale, and this would play a part in restricting price growth.”

PropTrack economist Anne Flaherty.

EIS Property director Nyal Merdivenci said there is a feeling among many agents that the market has “picked up a bit” through the start of this year.

“The time it takes to sell is longer, but there is positivity in the market for properties that are priced correctly — they will attract buyers,” he said.

“We have had homes listed that attracted 16-17 groups to an inspection.”

No.186 Channel Hwy, Taroona is listed for sale at $775,000-plus with Knight Frank.

No.3 Carlton Ct, Carlton is for sale with Fall Real Estate at $749,000-plus.

Harcourts Signature property representative Mark Brudenell agreed that, in general, sales had been slower through the start of the year.

He said it was taking a bit more work to put deals together, and often they are subject to sale of a second property.

“We have seen some movement in the MyHome scheme space, with more young buyers becoming educated about what might be possible for them,” he said.

“If the forecasted interest rate drop happens this year, I could see land sales taking off again.

“But at the moment, a lot of people are happy to just wait and see.”

EIS Property director Nyal Merdivenci.

Ms Flaherty said should rate cuts eventuate, price growth may follow.

“People will see their borrowing capacity increase, and could potentially they could buy a house in a higher price bracket,” she said.

“Population growth is another key driver of prices, but over the 2023 financial year, Hobart saw the lowest level of population growth among the capital cities at just 0.5 per cent.”

In the units market, PropTrack data showed Bellerive was the only greater Hobart suburb with price growth, albeit slight at 0.2 per cent.

The largest quarterly decreases were in South Hobart, New Town and Claremont, between 4.8 and 5 per cent.

GROWTH

Suburb, median, quarterly change

Taroona $998,700 3.9%

Carlton $609,500 3.9%

Dodges Ferry $609,200 2.2%

Bellerive $852,200 1.9%

Midway Point $608,600 1.7%

South Hobart $857,000 1.5%

Richmond $856,900 1.5%

Kingston $701,100 1.4%