REA Group’s realestate.com.au has come up with a list of Australia’s hottest suburbs for summer, and Tasmania has come out on top.
South Hobart was number one, followed by Briar Hill (VIC), Mount Stuart (TAS), Warrandyte (VIC) and Battery Point (TAS).
Bellerive (TAS), Mornington (VIC), Hobart (TAS), North Hobart (TAS) and Allambie Heights (NSW) rounded out the top 10.
Seven of the suburbs are located in Tasmania.
Prices in Tasmania have surged in 2017, with the median house price up 13.3% in Hobart.
Sales have increased by 11.6% this year and Tasmania is now Australia’s fastest growing real estate market.
Realestate.com.au calculates the “heat” of suburbs based on the number of online visits in the past month (including at least one interaction with a property) against the average number of listings.
“There is plenty of talk about the peak of the housing market and we’re certainly seeing a slowdown in Sydney, but much further south in our sometimes-forgotten capital city Hobart, conditions remain strong,” said Chief Economist at REA Group Nerida Conisbee.
But such fast growth could mean that meeting demand becomes difficult.
“Of concern is our ability, particularly in Hobart, to continue to meet the demands of such growth,” Real Estate Institute of Tasmania (REIT) President Tony Collidge commented. “I envisage the shortage of rental properties and properties for sale will see demand continue to push rents and prices higher.”
“Still, it is relevant to remember that our property prices are the least of all capital cities and well below most parts of Australia,” he said. “Hobart’s median price over the past 17 years has risen in similar proportion to all other mainland capital cities and is still $53,000 below Adelaide, and $753,000 behind Sydney.”