Launceston’s 2017 house sales eclipsed 2016’s figure in just 11 months.
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Launceston house sales in 2017 reached 1226 by November, compared to 1054 for all of 2016, according to Real Estate Institute of Tasmania president Tony Collidge.
The improved house sales came at a record breaking year for Tasmanian property, with the total value of residential property sales at $3.57 billion by November 2017.
Across all price ranges there's been a lot of interest in property – sales in two to three weeks [of being listed] is probably the average sale time of properties.
- Bushby Property Group director Mark Bushby
Mr Collidge said the figures foreshadow a strong showing for Launceston in the REIT’s upcoming December 2017 quarterly report.
“In the last quarterly report [for September] Launceston was the big mover, and I think it'll be exactly the same for the last quarter of 2017,” he said.
Bushby Property Group director Mark Bushby said the real estate agent had been “delighted with the sales that have occurred”.
Mr Bushby said clearance rates in 2017 were around the 75 to 80 per cent mark – 15 to 20 per cent higher than historical averages.
“Across all price ranges there's been a lot of interest in property – sales in two to three weeks [of being listed] is probably the average sale time of properties,” he said.
“It’s a very strong investment market, particularly up to around the $300,000 mark, but really solid sales right across the board in residential properties.
“A lot of mainlanders are coming down and purchasing properties in that $250,000 – $300,000 range, because the returns are pretty strong for them.”
Launceston’s median house price has risen from $280,000 to $290,00 since 2016, however Mr Collidge expects a much bigger increase in 2018.
He said the supply of properties was shrinking, with vacancy rates dropping from 2 to 1 per cent, signifying a future surge in property prices.
“You've got the stock and everything building [in Launceston] and I think you'll start to see prices increase significantly more as the number of properties for sale start to decrease,” he said.
“You'll get more people wanting to get into the market which is going to push prices higher.
“The exact same situation starts to arise in the rental market, if you end up experiencing the same thing we do in Hobart.”
Stefan Boscia
Stefan came to The Examiner after working as a copywriter at a digital media firm in Melbourne and interning at The Conversation. He is enthusiastic about reporting on business, local government and environmental issues. When he is not chained to his work desk, Stefan enjoys getting brunch, reading Saul Bellow novels and watching Carlton games.
Stefan came to The Examiner after working as a copywriter at a digital media firm in Melbourne and interning at The Conversation. He is enthusiastic about reporting on business, local government and environmental issues. When he is not chained to his work desk, Stefan enjoys getting brunch, reading Saul Bellow novels and watching Carlton games.
