Regional Media Release – December Quarter 2024 – West Coast

Real Estate activity in our West Coast region is struggling.  Annual figures show that the sales results for 2024 were the lowest recorded in the past 8 years. The West Coast has not benefited from the gains made in the other more populated regions.

The West Coast real estate market is very different to our other regions. Driven for years by mining activity today it transitions to tourism. It is a vast rugged region with limited development and population growth. Rental demand in the region is not as strong as other parts of the state. The same can be said for residential sales. There is a surplus of accommodation in the region making it the most affordable in the state. A 3-bedroom house can be rented here for $320 per week.

The Real Estate Institute of Tasmania’s December 2024 quarterly report which was released today details outcomes for both the December quarter and the Annual 2024 results. A summary of the report is provided below.

Year on Year Results

• There were just 123 property sales worth $21.6 million made on the West Coast in 2024. This was 15 fewer than 2023 and 110 less than 2022.
• There were 95 house sales, 3 unit sales and 25 land sales recorded over the year. The median prices were $195,000, $150,000 and $50,000 respectively. House prices were down $25,000 on 2023 while unit and land prices have risen by $25,000 and $5,000.
• There were no residential million-dollar sales in the region over 2024.
• 19 first home buyers purchased in the region. This was 4 more than in 2023.
• 20 investors acquired property in the region at a median price of $202,500. This was 1 more than in 2023.
• Similarly, there were 20 mainland buyers that acquired property in the region in 2024 at a median price of $157,500. This was 4 more than last year.
• Rents have marginally increased over the year rising from $310 per week in December ’23 to $320 per week in December ’24. Based on current rents and property prices properties are offering a strong investment return of 9.2%.

The following is a summary of the West Coast results over the December 2024 quarter.

• The West Coast achieved 26 property transactions over the December quarter with an accumulated value of $4.8 million. This was a decrease of 4 sales over the quarter and 10 less than the same period last year.
• There were 23 house sales at a median price of $180,000.  This was 1 fewer transaction than Sept. quarter and 3 less than the same time last year. The house median price was $43,500 less than last year’s result and $2,500 below the previous quarter.
• There was 1 unit sale at $160,000 the quarter. This was the same as the previous year however the 2023 median price was $35,000
• There were 2 Land sales during the quarter. This was 4 less than the previous quarter and 7 less than the same time last year. The median selling price was $60,000 which was $25,000 below than last quarter and $25,000 above the same time last year.
• 9 first home buyers acquired property in the quarter. This was 6 more than the previous quarter and 5 more than at the same time last year.
• There were 4 investor acquisitions in the region over the quarter. This was 3 more than Sept and 1 less than the same time last year. The median purchase price was $210,000.
• Mainland purchasers acquired 4 properties over the quarter at a median price of $233,750. This was the same number of sales as the previous quarter and one more than the same time last year.
• Strahan was the West Coast’s most expensive Town with a median price of $427,500 followed by Tullah $255,555, Gormanston $196,250, Rosebery $188,000 and Queenstown $148,750. As the results show this region is by far the most affordable in the State.
• Our highest selling towns were Queenstown with 14 sales, Tullah with 3 and Strahan and Gormanston with 2 a-piece.
• Rents have marginally increased over the year rising from $280 per week in March ’24 to $320 per week in December ’24. Based on current rents and property prices properties are offering a strong investment return of 9.2%.

The West Coast continues to struggle through the impact of high interest rates, rising costs of living and struggling economic conditions. It is an area that has proven resilient for many years and has always found a way to survive. This is one of the regions strengths and qualities.