THE big story of Tasmanian real estate has been its upward trajectory over the past three years, but a new report puts a spotlight on how affordable some parts of the state still are.
CoreLogic’s annual market summary Best of the Best 2018 revealed four sections of the national market where Tasmania leads the way.
The report declared Australia’s most affordable suburb was the West Coast town of Zeehan, with a median house price of $71,184.
Clarence municipality’s Risdon Vale was the suburb with the nation’s lowest median price within 10km of a capital city at $257,585. However, over the year, Risdon Vale led Tasmania with median price growth of 23.3 per cent.
The highest gross rental yield within 10km of a capital city was Hobart’s Eastern Shore suburb Clarendon Vale, which returned 7.6 per cent to investors.
And back on the West Coast, Queenstown recorded the most affordable weekly advertised rental figures of $143 a week.
Real Estate Institute of Tasmania president Tony Collidge said the results from the West Coast of Tasmania were “exactly what I would expect”.
“It was always going to be the area with the most affordable prices and the lowest rents,” he said.
At a city level, the report revealed Sandy Bay was far and away Hobart’s best performing suburb for the total value of sales this year.
Sandy Bay’s housing market almost doubled the next best performer, Kingston, with $154.8 million in sales compared with $80.1 million.
Sandy Bay also took out the top spot for total value in the units market with $59.5 million worth of sales.
With its median house price sitting at $920,464, Sandy Bay was also far ahead of the next best median value performers, Acton Park at $778,491, and Tranmere at $733,077.
Mr Collidge said the expectation now in Sandy Bay was “if you want to buy there, you will be paying in excess of $1 million”.
“I’d suggest it will be our first million dollar suburb [median price] and it will happen next year,” he said.
The report found Battery Point’s median unit price of $654,919 — 39 sales — led this corner of the property market ahead of a string of inner-city suburbs including Hobart, North Hobart, Sandy Bay, West Hobart and South Hobart.
Greater Hobart’s lowest median values were found in houses at Gagebrook ($209,261) and units at New Norfolk ($239,492).
In the unit market, Tasmania’s best median price change this year was West Hobart with 23.7 per cent growth.
Originally published as Head west to score best of the bargains