June 2014 quarterly results released

Monday, 4 August 2014

Strongest house sales quarter in Tasmania in four years

The Real Estate Institute of Tasmania (REIT) today released its June Quarter Property Report – which highlights real estate trends for the quarter – revealing the highest number of house sales in a quarter in Tasmania since the 2010 June quarter.

REIT President Adrian Kelly said he was encouraged by the strong quarter in house sales and the strongest month of June since 2009.

“The report revealed a 5.7 per cent statewide increase in house sales for the June quarter, which was also up 10.1 per cent for the year,” Mr Kelly said.

“Breaking these figures into regions, we see Hobart experienced a 23 per cent increase, Launceston a 14.4 per cent increase, while the North West Centres eased back for the quarter – down 4.8 per cent on the previous quarter, but up 4.4 per cent on the same time last year.

“Interestingly, Outer Hobart house sales increased by 53.8 per cent for the quarter and 52.4 per cent on the same time last year.

“With the increase in house sales for the quarter, the median time to sell a house decreased by eight days, with the median days on the market now sitting at 62 days for Tasmania.

“Tasmania’s median house price also recorded a 2 per cent increase for the quarter to sit at $311,000 for the June quarter.”

Mr Kelly said the June Quarter Property Report also revealed which suburbs had the highest median house price, the highest turnover, and which were the most affordable or expensive.

“The top three most expensive suburbs were Battery Point, Acton Park and Sandy Bay, while the three most affordable were Ravenswood, Mayfield and Gagebrook,” he said.

“Six municipalities also recorded a median house price higher than that of the state median ($311,000), these included Clarence ($358,000), Hobart ($490,000), Kingborough ($408,000), Latrobe ($334,000) and the Meander Valley ($315,000).

“While first home buyers remained steady at 17 per cent of all house sales across Tasmania for the quarter, we expect to see this drop back slightly in the next quarter, following the removal of the First Home Owner’s Grant on 1 July.

“Second home buyers continue to hold over half the market, accounting for 52 per cent of house sales and a median house price of $338,120.

“The report also revealed interstate and overseas buyers were down slightly to sit at 15 per cent for the quarter.”

The REIT is a member organisation representing the views and professional needs of its members – these being more than 95 per cent of real estate agents (and their staff) throughout the state.