Report reveals Sandy Bay’s growth spurt – and total sales are north of $157 million this year

Even the COVID-19 pandemic couldn’t slow a prestigious Tassie suburb down, which recorded a whopping net transaction value and value growth this year. DETAILS >>

One of Tasmania’s standout property markets through 2020.

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PREMIER suburb Sandy Bay will be Tasmania’s standout performer in a property report to be released this week.

Among the figures to be revealed in CoreLogic Best of the Best 2020 report is a category covering the highest total value of sales, which Sandy Bay ran away with by about $60m.

In greater Hobart’s houses corner of the property market, Sandy Bay recorded 142 sales in the 12 months through September at a value of $157,927,066.

In those 12 months, Sandy Bay’s median house price reached $1,036,942, a rare feat above the $1m mark.

Comparing this year and last year’s report, there were 22 more Sandy Bay house sales in 2020 and a total value increase of about $38m.

Kingston and Howrah came in second and third with over $96m and 75m worth of sales this year.

The unit sector was lead by Hobart with $53m in sales followed by Sandy Bay and Battery Point with $48m and 34m.

Real Estate Institute of Tasmania president Mandy Welling said Sandy Bay delivering more sales this year than last was reflective of Tasmania’s bustling market.

“Supply and demand issues have contributed to increased the median up over $1m, which is no surprise as growth has been the case in almost every suburb,” she said.

“We could expect this trend to be carried on throughout 2021, with the possibility of further increases.

“As the rest of the country reflects on how safe the Tasmanian shores have been through the pandemic, this will only allow us to look more attractive in the eyes of consumers.”

Mrs Welling said Hobart overtaking Sandy Bay in the units arena was an example of the increased construction of units, townhouses and villas around Hobart’s CBD.

“Allowing more of this type of construction will only benefit the city and breath new life into it,” she said.

CoreLogic head of research Eliza Owen.

CoreLogic head of research Eliza Owen said there are a lot of positive tailwinds for the property market: record-low mortgage breaks, the extension of the HomeBuilder scheme and a strong recovery in consumer sentiment, which would make people more confident in making major decisions like housing purchases.

These factors should support more growth through 2021, Ms Owen said.

The unit market in the suburb Hobart has recorded annual value growth of 6.3 per cent, per CoreLogic.

Ms Owen described this as “very, very high”.

“Hobart is firming up as a bit of a blue-chip area in terms of long-term growth prospects,” she said.

“The rise of Airbnb and the short-term accommodation market was not as established as an asset class. Now, dwelling values are starting to reflect that it is.”

In the year to November, Ms Owen said greater Hobart units values overtook Brisbane units.