A recent report from Hotspotting’s Spring Price Predictor Index reveals positive trends in the Hobart and Tasmanian property market. The number of homes sold in the region is increasing, indicating a recovery from the previous downward slide.
Hobart City LGA leads the positive trend, with every suburb in the area having a positive ranking. Of the seven suburbs analyzed in the report, three were ranked as rising markets, one as consistent, and three as recovering markets. This indicates that there are no longer any declining suburbs in the greater Hobart area.
The rising markets in Hobart include New Town, Sandy Bay, and West Hobart. Other municipalities such as Clarence, Glenorchy, and Kingborough also have solid statistics.
The report highlights the importance of engaging an expert real estate agent who specializes in the local area. In the current market, homeowners need to carefully consider their pricing strategy in order to achieve the best possible price.
The report also mentions the revival of the Launceston market, with only three suburbs being classified as plateau or declining markets. There are three rising, two consistent, and eight recovering suburbs in the northern capital city.
In terms of rental properties, competition in the market has continued to heat up, following heightened demand from the start of the pandemic.
Hotspotting’s report tracks housing sales volume, which is considered a superior indicator of future pricing growth than median price changes.
Sources: Hotspotting Price Predictor Index Spring 2023