What your home is worth: Every Hobart suburb’s median price revealed

35 greater Hobart suburbs posted a reduction in their median price over the quarter — was yours among them? SEARCH FOR YOUR SUBURB

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BUYERS looking for opportunity in the housing market might turn their attention to these greater Hobart suburbs.

Fresh September quarter data from PropTrack revealing the median house value in every suburb showed 35 areas where the median value had dipped in the three-month period, with reductions ranging from -0.46 per cent in Richmond to -5.71 per cent in Risdon Vale.

PropTrack figures show Gagebrook slid from $427,485 to $403,382 (-5.64 per cent); Carlton from $714,905 to $675,039 (-5.58 per cent); and Geilston Bay from $808,053 to $768,184 (-4.93 per cent).

Six suburbs with medians over $1m recorded a quarterly reduction, however none slipped below the $1m mark.

All of the 35 suburbs with negative quarterly growth are still recording positive annual percentages of change, with 22 suburbs posting double-digit growth. This ranged from 10.44 per cent in Lindisfarne to 19.56 per cent in Bridgewater.

PropTrack revealed 18 suburbs that recorded positive growth in the September quarter, led by Kingston Beach with a 19.06 per cent change and Margate with 18.8 per cent.

From an annual point of view, Sandford was greater Hobart’s best performer with 32.81 per cent growth.

This data comes as Hobart’s median home price bucked against the national values downturn trend by posting positive September growth results.

No.64 Sycamore Rd, Risdon Vale was listed at $455,000-plus and was sold by Harcourts for $460,000. Picture: Supplied

A historic school transformed into a modern home has fetched $1.45m (Petrusma).

Propertyology head of market research Simon Pressley cautioned reading too much into small amounts of data, such as a median value changes over one to three months.

“When the sample size of data is quite small, the numbers can be quite volatile,” Mr Pressley said.

“However, asset values in Tasmanian are higher today than at the start of this year; this is not the case in Sydney and Melbourne.

“The volume of dwellings listed for sale is still incredibly low, compared to long-term historical averages. This means that significantly fewer buyers are required for upward pressure on asset values to occur.”

Propertyology’s Simon Pressley.

Harcourts Signature managing director, Mark Berry, described the Hobart market as “extremely resilient” amid cost of living and interest rate increases.

He said Hobart appears to have a two-speed market, where those buying properties up to $500,000 — traditionally first-time buyers — have seen changes to their borrowing capacity.

“However, above $500k into the $1m range, these people have already bought and sold and may be asset rich. Rates pressure won’t mean as much to them,” he said.

“For young buyers, if you have the ability to get a foot on the property ladder, even knowing that rates will continue to rise, you would be crazy not to.

“Without doubt, property is one of the most secure assets that you will ever buy.”

Harcourts Signature managing director Mark Berry.

Mr Pressley said the only “missing link” from the next property boom was consumer confidence, directly related to the rising interest rate cycle.

“Once the Reserve Bank of Australia settles on its ‘new normal’, we expect buyer confidence to bounce quickly,” he said.

“That could be as soon as six-month’s time.”

PropTrack’s data is based on an automated valuation model, it excludes low confidence valuations.

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