Market activity, reported in the most recent quarterly reports from the Real Estate Institute of Tasmania (REIT), shows an increase in transactions as we approach the final quarter of 2024. Transaction levels in the north and northwest of the state came in strong, with a slight decline recorded in the southern region. Overall, this resulted in 2,506 sales across the state over the quarter at a cumulative value of $1.5 billion. This was 479 sales more than the same time last year.
Southern Tasmania Overview:
- Most expensive suburbs: Sandy Bay $1,315,000, Tranmere $1,200,000, Acton Park $1,175,000 and Sandford $1,045,000.
- Most affordable suburbs: Gagebrook $389,000, Bridgewater $410,000, Primrose Sands $440,000 and Risdon Vale at $460,000.
- First homebuyers active: 239 First home buyers, 63 more than the same time last year.
- Median house price is $681,400, down $13,600 from the previous year.
- 1,125 transactions over the quarter, an increase of 109 sales over the same time last year.
- Highest selling suburbs: Kingston with 37 sales, Glenorchy (30), Howrah (29), and Sandy Bay with 27.
- The rental vacancy rate was 2.2%. This is down from 2.5% the previous quarter.
- Median rents increased $5 per week over the quarter and are up $25 per week over the year.
- Based on current rents and property prices investment yields of 4.4% are being achieved.
Northern Tasmania Overview
- Most expensive suburbs: East Launceston $789,000, St Leonards ($782,500), Launceston ($772,500), Evandale ($766,500) and Legana ($704,000).
- Most affordable suburbs/towns: Ravenswood $330,750, Rocherlea ($332,500), Mayfield and George Town on $345,000.irst home buyers, 43 more than the same time last year.
- First home buyers active: 116 First home buyers, 43 more than the same time last year.
- The median house price was $550,000, up $27,500 from last year.
- 677 property transactions over the quarter, an increase of 160 sales (or 30.9%) on last year.
- Highest selling suburbs: Newnham with 24 sales, Youngtown (23), Riverside (22), and Mowbray and George Town both with 21.
- The rental vacancy rate was 2.2%. This is down from 2.3% the previous quarter.
- Median rents increased $5 per week over the quarter and are up $25 per week over the year.
- Based on current rents and property prices investment yields of 4.6% are being achieved.
REIT President Russell Yaxley said that activity in the latest quarter “is showing solid signs of recovery from the lows of 2023.” Noting that, the report suggests renewed confidence and energy across the market, with confidence improving for both buyers and sellers. Based on the recent results, Yaxley anticipates a busy final quarter, closing the year strong.
