Ray White Now | August 2021 | Page 24

TASMANIA

HOBART AND TASMANIA - ARE THERE ANY AFFORDABLE OPTIONS LEFT ?
Tasmania ’ s particularly strong price growth continues , with houses in regional areas and Hobart currently experiencing in excess of 20 per cent per annum price growth . On the West Coast and Central Highlands , prices are now accelerating at more than 30 per cent however they remain very affordable with the median sitting well below $ 200,000 .
Given most investors tend to target properties priced under the median for that city and region , the following table details the best price growth suburbs in Hobart and regional Tasmania below the house price median . It ’ s important to note that historical price growth is no indicator of future conditions however there are some interesting trends that could be considered :
Tasmania became a very hot investment destination around 10 years ago . It was driven by the remarkable change to the local economy - the opening of MONA led to Hobart becoming a strong tourist destination and growth in overseas students led to strong demand for housing . It ’ s now much harder to pick up a bargain in Hobart but in regional areas , houses are still very cheap , even in areas close to the beach .
• All parts of Tasmania are seeing house price growth , this is partly because of how strong the economy is but also because it is a very strong investment destination . Many years of low levels of housing supply are also a factor .
• While Hobart has become very expensive , regional areas are still very cheap but many areas , particularly close to water , are seeing strong price growth .
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