Australia: Regional Tasmania becomes Australia's hottest property as Hobart looks set to outprice Perth - PressFrom - Australia
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AustraliaRegional Tasmania becomes Australia's hottest property as Hobart looks set to outprice Perth

00:45  09 november  2018
00:45  09 november  2018 Source:   abc.net.au

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AustraliaRegional Tasmania becomes Australia ' s hottest property as Hobart looks set to outprice Perth . House prices in regional Tasmania rose more sharply over the past year than in any other part of Australia , new data from property analyst CoreLogic shows.

Hobart ' s median house price looks set to overtake Perth ' s , but Tasmania ' s property price boom is not just restricted to the capital, with properties in smaller towns being snapped up.

Regional Tasmania becomes Australia's hottest property as Hobart looks set to outprice Perth© Provided by ABC News This four-bedroom Queenstown house recently sold for $60,000. Hobart's median house price looks set to overtake Perth's, but Tasmania's property price boom is not just restricted to the capital, with properties in smaller towns being snapped up.

House prices in regional Tasmania rose more sharply over the past year than in any other part of Australia, new data from property analyst CoreLogic shows.

Launceston and the north-east saw growth of 11.4 per cent, the median house price in the southern region increased 11.6 per cent and the west and north grew by 11.1 per cent.

"It seems the growth we've been seeing in Hobart over the last three or four years is really starting to spill over into the rest of the state," CoreLogic's head of research Cameron Kusher said.

"It's about affordability, but also some people are looking for a lifestyle change, potentially Melbourne buyers who've seen the value of their property really go up over recent years.

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Hobart ' s median house price looks set to overtake Perth ' s , but Tasmania ' s property price boom is not just restricted to the capital, with properties in smaller towns being snapped up. House prices in regional Tasmania rose more sharply over the past year than in any other part of Australia

Regional Tasmania becomes Australia ' s hottest property . Hobart 's median house price looks set to overtake Perth 's, but Tasmania 's property price boom is not just restricted to the capital, with properties in smaller towns being snapped up .

"I think people are just realising that Tasmania is a great place to live. The economy is starting to do better and we're seeing the attraction to the state from other parts of the country."

That view is borne out by real estate agent Nick Hay's experience.

Mr Hay, who has worked in the northern midlands for nearly four years, said he had seen a surge in interest for houses in the sub-$200,000 category.

One three-bedroom house he recently listed for $179,000 in Avoca, in the state's north-east, was under contract within a week.

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Regional Tasmania becomes Australia ' s hottest property as Hobart looks set to outprice Perth . Hobart 's median house price looks set to overtake Perth 's, but Tasmania 's property price boom is not just restricted to the capital, with properties in smaller towns being snapped up.

Regional Tasmania becomes Australia ' s hottest property as Hobart looks set to outprice Perth . Hobart 's median house price looks set to overtake Perth 's, but Tasmania 's property price boom is not just restricted to the capital, with properties in smaller towns being snapped up.

"That was a party from inner Melbourne," Mr Hay said.

"A few clients I'm dealing with, they're finding it easier to get to Tasmania than Mt Hotham for a skiing adventure."

At nearby Rossarden, a converted church is currently on the market for $195,000.

Mr Hay said interstate buyers no longer considered regional Tasmania extremely remote.

"There are more services coming into the state, more flights and the Spirit of Tasmania," he said.

"Those services are continuing to grow and they're opening the place up.

"Some people make hit-and-run missions where they fly in and target a number of properties, but there's also that fear of missing out, so some are just buying site-unseen."

Burnie-based real estate agent Nardi Stevens was inundated with calls when she listed a four-bedroom house in Queenstown, in the state's west, for just $60,000.

"I had seven offers in the first day and I'm still answering questions about that one," she said.

"Those sorts of prices will soon be a thing of the past though.

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As the cost of housing rises, the inheritance left for descendants becomes increasingly important to ensure they get on the property ladder. Regional Tasmania becomes Australia ' s hottest property as Hobart looks set to outprice Perth https

Tasmania is an island state of Australia . It is located 240 km (150 mi) to the south of the Australian mainland, separated by Bass Strait.

"In places like Zeehan and Rosebery, there used to be house after house for sale, but now you have the Avebury mine reopening and a wind farm being built. There's work and those houses are being snapped up."

Hobart climbing the property price ladder

In Hobart, the median property price — incorporating houses and units — is now $445,655.

That places the Tasmanian capital behind Perth (just over $451,000), Brisbane (nearly $492,000), Melbourne ($665,000) and Sydney (nearly $834,000).

But Mr Kusher said recent activity suggested Hobart's median house price could soon overtake Perth's.

"Given the housing market in Perth is declining and Hobart is growing, early as the next few months we could see that the cost of a house in Hobart is more than the cost of a house in Perth," he said.

"We've never seen that before."

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