Mercury report featuring our very own Mikayla Hall!

According to the latest Real Estate Institute of Tasmania president Tony Collidge Tasmania was now a sellers' market. “I firmly believe that our market is on a solid footing and will continue to improve for some time to come,” he said. The latest REIT quarterly report, revealed while it had been a tough month for sales in July that could barely hold back Tasmania’s property market momentum. The report showed that despite a “very slow” month around the Federal Election, the local property market had recorded only 71 fewer sales compared with the previous quarter. Over the period, Launceston was the municipality with the most sales (297 worth $81m), followed by Clarence (288 sales worth $108m), Glenorchy (227 sales worth $64m) and Hobart (176 sales worth $99m). The most affordable town was Rosebery recording six sales at a tiny median price of $54,000. Of the 16 sales over $1m, 15 of them were in Hobart. First home buyers accounted for 15 per cent of the sales at a median price of $262,750 while second home buyers occupied more than 60 per cent at a median price of $351,000. When new homeowner Mikayla Hall bought her first house in Berriedale she instantly knew it was the right thing to do. Miss Hall grew up in Hobart’s northern suburbs and was house hunting in that area only. “I only inspected four houses before buying this one,” she said. “I walked in, had a look around and immediately got that ‘feeling’ that people talk about. “Before that moment I didn’t actually know that the feeling was a real thing, but when you know something is perfect for you it becomes clear quickly.” Miss Hall, 22, bought a two-bedroom weatherboard house with enough room for her partner and a friend. She was happy to say she got a great price. “It had already been renovated with a new kitchen, new bathroom, doors and floors. All I had to do was buy some new blinds and paint it,” she said. “My plan is to live here for a couple of years and then, if I want to move on, it would be smart to keep this house as an investment property. The rental returns in the northern suburbs are fantastic, everyone wants to live here.” Mr Collidge said the Tasmania property market was now a sellers’ market. “I firmly believe that our market is on a solid footing and will continue to improve for some time to come,” he said. Mr Collidge said while the market’s dire number of listings was still cause for concern there was strong and growing demand for property in Tasmania. “I don’t have an answer for why there are more buyers than sellers,” he said. “It seems to have gotten worse since midyear and some agents believe people are not putting their houses on the market because they can’t find what they want.” The REIT’s report noted Greater Hobart’s median house price had increased annually by 7.8 per cent to $385,000, while the inner city had grown by 11.7 per cent to $581,000. The time it takes to sell in Hobart has dropped from 45 days to 29. In the north, Launceston’s average days on market has also picked up pace from 67 days down to 57. Launceston’s sales numbers increased by 6.9 per cent while median prices dropped by 5.4 per cent. Mr Collidge called Launceston the “investor capital of Tasmania”. “Increased investor activity in the area has seen more sales in the lower price ranges and this has been largely responsible for a decreasing in Launceston’s median price,” he said.