The unstoppable momentum of the state’s luxury real estate market has set the benchmark for home sales over $ 1 million higher than ever.
According to data from realestate.com.au, 62 homes were sold in this price range in August and an additional 53 were sold in September.
This is more than the sum of many calendar years over a span of eight weeks.
Last year, Tasmania recorded 256 sales of over $ 1 million, according to Tasmanian Real Estate Institute statistics. As a result, it broke the 2018 high of 181 with sales of $ 1 million and $ 109, respectively, in 2015 and 2016.
Between 2000 and 2014, $ 1 million in sales ranged from just 3 to 83, but in 2010 it was 104.
However, in the first half of 2021, there were 320 sales and another 53 in July. Push Tassie’s total to 500 – REA data does not include land sales, farms, or vast land of 10ha or more.
Eleanor Creagh, senior economist at PropTrack, said rising home prices, rising demand and shortages are likely to be the main drivers of Tasmania’s sales growth of over $ 1 million.
Ms. Claire said the annual changes in housing value in Hobart and Tasmania by August 2021 were 29.7 percent and 29.8 percent, respectively.
“Since the pandemic began, the value has risen by a whopping 35 percent,” she said.
“Buyer demand for realestate.com.au has been strong for the past 12 months, with Tasmania steadily increasing views per list, up 77.5% year-on-year and more than doubling since April 2020. It has become.
“Tasmanian homes have the highest number of views per list compared to other states, which is also a product of the lowest historical levels of lists.”
Nick Cowley, real estate agent at Harcourts Signature, said retirees have become the top and major players in the market as they shrink from larger real estate to more manageable ones (often smaller homes and new apartments). I did.
Cowley said it was an opportunity to take advantage of current market conditions.
“The property is regularly sold at 10 to 15 percent above the listing price,” he said.
“Our market is getting higher and higher due to the influx of interstate highway buyers, especially Sydney cash buyers.
“Hobert still offers great value to interstate highway buyers.”
Cowley said another trend is for vendors to accept offers that aren’t necessarily the best prices.
“If you have multiple offers with the same number, but one has more attractive terms, that can make a difference.”
Claire said low interest rates and high levels of savings have allowed many to buy more expensive homes.
Already historically high, she said prices are likely to continue to rise if demand continues to outpace supply.
“The benefits of low interest rates are now heavily translated into higher home prices, so the pace of price increases is likely to slow,” she said. “Especially because borders have reopened, the economy has slowly returned to normal, and people are spending more on travel, recreation and services.”
However, despite the surge in sales at Hobart and double-digit price increases, only Sandy Bay and Battery Point have median home prices above $ 1 million.
Seller’s market success
Their sale Bellerive House It was straightforward for Sarah Williams and Jesse Breen.
But the next challenge is finding a home to buy in Hobert’s hot housing market.
The couple said they found it almost “easy” to sell their assets at the pace and high demand of the market.
According to Breen, it took three years to renovate and expand the house, so it took weeks to sell with the click of a finger.
According to Williams, there aren’t many Bellerive homes for sale.
“We have looked at the market, how it keeps rising, and how often listing prices are six orders of magnitude lower than selling prices.
“It doesn’t crash when Covid hits, and the price doesn’t seem to stop rising.”
The couple thought they might attract interstate highway buyers, but their interest in the home came primarily from the locals, including the families who bought it.
In the end, several strong offers were offered at similar prices, and the couple said they were able to accept the “sentimental option.”
Williams said the stress for them was “the reality of the seller-to-buyer transition in the seller’s market.”
“Our idea was to sell first and buy later, so that we can be competitive when the property we like comes in,” she said.
“We were fortunate to be able to sell in this climate, but we know that the right property will make it more competitive and very many people will be competing for the same home.”
Mr Breen said they had already been looking for the next move for two years.
“We are moving our lifestyle and aiming for a property with land and space,” he said.
Some of TASSIE’s top sales
22A McAulay Rd, Sandy Bay – $ 2.55m – Knight Frank
7-9 Hampden Rd, Battery Point – $ 245m – Peterswald for property
57 Dr. Sandra, Blackmans Bay – $ 2.075m – Nested Property
8 Esplanade, Lindisfern – $ 1.98 million – Petrusma Property
37 Jetty Rd, Coles Bay – $ 1.81 million – Roberts Real Estate
29 Shepherd St, Sandy Bay – $ 1702m – Petrusma Property
11 Lipscombe Ave, Sandy Bay – $ 1.7 million – Peterswald for property
7 Greenlands Ave, Sandy Bay – $ 1.8875m – Knight Frank
61 Warwick St, Hobart – $ 1.6 million – EIS Properties
40 Walters Rd, Wattle Grove – $ 1.55m – Home
Source: realestate.com.au data August September
Place of originNo winter slowdown for Hobart’s hot prestige housing market