Which Hobart suburbs are the most liveable and affordable?
LINDISFARNE was the standout suburb in the latest Affordable and Liveable Property Guide by PRDnationwide’s research team.
Cambridge, Kingston and Lindisfarne were named the top destinations for house buyers in the 1st Half 2019 report, while Lindisfarne, New Town and Rose Bay were identified as the unit market’s hot suburbs.
Kingston (for houses) and Lindisfarne (for houses and units) held on to their status as affordable and liveable suburbs, as identified in the two most recent editions of this biannual report.
Where many market reports focus on median prices or sale transactions, this report also includes a wide range of factors, such as low crime rates, access to amenities, unemployment at or lower than the state average, and the estimated value of development projects coming to the area.
PRD national research manager Diaswati Mardiasmo said Lindisfarne had an extremely low rental vacancy rate (0.2 per cent for units and houses), which should be “extremely encouraging” for first-time investors looking to enter the market.
Dr Mardiasmo said the suburb offered residents easily access to amenities, healthy rental yields and strong median price growth (17.4 per cent for houses, 22.9 per cent for units).
She said Lindisfarne was well supported by a low unemployment rate of 3.5 per cent, and also boasted low crime rates.
“In the first half of 2019, $11.5 million worth of residential, commercial and infrastructure projects will assist Lindisfarne’s local economy and sustain property growth,” she said.
Dr Mardiasmo said the market in Hobart continues to strengthen, in contrast to other capital cities.
“The median house price in Hobart grew by 12.4 per cent to reach $529,500 in 2018-19, while median unit price softened by 5.9 per cent to $399,500 over the same period,” she said.
“Sales transactions increased for houses and units over this same time frame, by 5.1 per cent (houses) and 8.2 per cent (units), which indicates there is a high demand in the market.
“In regard to price growth there was a correction in the unit market’s pricing. However, a continued trend of increasing sales volumes will provide sufficient underlying demand to potentially lead a unit market recovery into the future.
“Affordable options in Hobart continue to diminish, with houses priced below $350,000 declining significantly between the first half of 2018-19, from 26.1 per cent to 10.2 per cent.
“This poses a great challenge for those seeking to enter the market for the first time, as the most affordable options are quickly disappearing.”