Hobart the tops capital for home value growth yet again with state’s other regions performing even better

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At 2.5 per cent, Hobart’s annual median dwelling growth remains the highest of the capital cities. Picture: PATRICK GEE

THE Hobart property market is just one month away from a milestone.

For 23 consecutive months the southernmost capital city has led the nation with its strong annual growth figures.

In new data released today by CoreLogic, Hobart retained its position with 2.5 per cent annual median dwelling value growth ahead of Canberra with the next best figure of 1.3 per cent.

While Hobart’s annual and quarterly results were positive, it recorded negative monthly result of -0.4 per cent.

This has occurred on two other occasions this year in the Home Value Index reports released around the time of the May federal election.

Real Estate Institute of Tasmania president Tony Collidge said while Hobart still sits atop the annual growth figures chart, its “mild” September results come on the back of an easing local market.

He said cities such as Darwin and Perth and regional Western Australian had been savaged, recording significant losses since their markets peaked several years ago while Tasmania has proven resilient.

“Our regional areas are recording some of the highest levels of growth across the nation with a 24.4 per cent increase in five years,” he said.

Regions outside of Hobart were among the top five in Australia including annual growth of 4.2 per cent in the West and North-West, 3.7 per cent in Launceston and the North-East and 3.6 per cent in the South-East of the state.

Mr Collidge said home value index results were in line with Hobart and Tasmania’s longer term market expectations.

“They reflect what I’m seeing happening in our current marketplace,” he said.

“Our market has been running strong for the past four years however we have clearly seen it levelling out in 2019.

“I am concerned about a slowing in residential investment activity, particularly in Hobart, which will again put pressure on rental availability as we move into the rental market’s busy season.”

The report showed rents remain relatively stable across Tasmania with regional rental yields steady while Hobart increased slightly.

Hobart’s median dwelling value reached $459,271 in September. At the same time last year it was $443,711.

Hobart’s median remains higher than Adelaide, Perth and Darwin.

Meanwhile, it was revealed this week that Launceston’s price growth had outstripped Sydney’s over the past two decades, while Chigwell was home to the fastest-selling houses in the nation and every single home sold in the Sorell council area in the June quarter made a profit over its previous sale figure.

SEPTEMBER INDEX RESULTS

Dwelling value change per month, quarter, annual plus median value

Hobart -0.4% 0.4% 2.5% $459,271

Sydney 1.7% 3.5% -4.8% $805,424

Melbourne 1.7% 3.4% -3.9% $634,913

Brisbane 0.1% 0.5% -2.1% $492,474

Adelaide 0.0% -0.6% -1.1% $428,292

Perth -0.8% -1.9% -9.0% $436,008

Darwin -0.2% -1.1% -9.5% $389,214

Canberra 1.0% 1.4% 1.3% $604,039

Source: CoreLogic

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