A report has confirmed Launceston and the North East region's housing market is a seller's market, as it had the highest yearly growth in prices for the third consecutive quarter.
The CoreLogic Regional Market Update report looks at capital growth in the 12 months to October in Australia's 25 largest non-capital city markets.
It found the region remained the top performer with a 10.5 per cent increase in capital growth.
It also had the fastest time for unit sales, with a property being sold in 26 days on average. However, it also had the lowest, and a negative change, in the number of houses (-9 .3 per cent) and units (-24 per cent) being sold.
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LJ Hooker Launceston director Justin Goebel said the decrease in sales was not due to a lack of buyer interest, but rather a lack of stock.
"Although we are experiencing higher than average buyer numbers, there is a lack of properties to the market at present," he said.
"The reason for the decrease of property sales is due to the lack of properties in the market. As we all know, it is a matter of supply and demand. the less properties on the market with a mix of ample buyers does drive the price up."
Harcourts Launceston director Jeremy Wilkinson agreed and said there was a massive shortage of stock on the market and it was pushing prices up.
"It's a brilliant market for selling. I've been doing this 17-18 years and I have never seen a stronger market.
"Stock is still running out the door, relatively fast, what we have seen these last few months is all of the agencies have sold off their old stock and all we're doing is replenishing it with new stock and they could have interest within the week, and some even sooner."
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