Hobart’s median price growth strong over month, quarter

While Hobart’s median home value grew again in June, these happy homeowners feel blessed to have gotten into the market before COVID-19 hit the Apple Isle.

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WHEN the phone rang to let Georgia and Marcel Swanepoel know they had successfully bought their first home, neither was available to pick it up as work and study got in the way.

Nonetheless, the couple describe the big moment when Mrs Swanepoel’s mum relayed the news as “the best” and “very exciting”.

“It was the best feeling, we didn’t really expect it,” Mrs Swanepoel said.

“We had been knocked back a couple of times and did not want to get our hopes up. But when the news came through it was exciting.”

In the June Home Value Index, CoreLogic revealed another strong month of housing prices for the southernmost capital city with Hobart’s median dwelling value increasing to $487,827.

Hobart ranked equal first in the nation with a 0.3 per cent change in median dwelling prices in June, first place with 1 per cent growth over the quarter and third behind Sydney and Melbourne with an annual figure of 6.4 per cent.

Since March Hobart rents have trended -2 per cent lower for houses and -3.7 per cent for units. However, they have increased by over 30 per cent through the past five years.

CoreLogic head of research Tim Lawless said a variety of factors had helped protect home values from significant declines including low stock levels, low interest rates and government stimulus.

Thrilled new home owners Georgia and Marcel Swanepoel will pick up the keys to their new home this week. Picture: ZAK SIMMONDS

The Swanepoels say they were somewhat surprised to hear the Hobart property market had been so resilient, given the impacts of COVID-19 throughout the community.

Today, the 21-year-olds will get the keys to their Blackmans Bay unit with wide water views in a sunny neighbourhood.

The spent a year house hunting, more seriously for about six months, before deciding on the home that they bought in February.

From friends and family to finance brokers and property agents, the couple feel lucky to have had the support of those around them to make their homeownership dream a reality.

“It is possible to get into the market when you are young and it is not as scary as it sounds if you work hard, save hard and learn from people’s advice,” Mrs Swanepoel said.

Hobart rents decreased in June.

When the Swanepoel home hit the market, Elders Real Estate Kingborough property representative Cathy Newham’s phone “rang hot”. It was sold within days with multiple offers on the table.

She said the market was definitely picking up citing a Lower Snug open home at the weekend that attracted over 60 people and multiple offers above the asking price.

“With our borders still closed it is interesting to see so many local people looking to purchase a home,” she said.

“With properties attracting top dollar, despite it being the middle of winter, it is a good time to sell.”

Mrs Newham said the shortage of listings on the market presented difficulties for those looking to buy.

Her advice is to get finance pre-approval prior to house hunting.

“This will give you the knowledge of how much you can borrow and in turn how much you can offer for that perfect home,” she said.

HOME VALUE INDEX JUNE

Change in dwelling values month, quarter, annual, median value

Hobart 0.3% 1% 6.4% $487,827

Sydney -0.8% -0.8% 13.3% $875,749

Melbourne -1.1% -2.3 10.2% $683,529

Brisbane -0.4% -0.2% 4.4% $503,148

Adelaide -0.2% 0.7% 2% $440,267

Perth -1.1% -1.4% -2.5% $441,977

Darwin 0.3% 0.4% -1.5% $387,914

Canberra 0.1% 0.7% 6.3% $639,965

Source: CoreLogic

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