AFTER a record-breaking start to the year, Hobart’s home values have shown signs of slowing, new figures reveal.
However, agents report the Greater Hobart market has been “incredible” with sale results exceeding asking prices.
CoreLogic RP Data’s latest monthly Home Values Index shows Hobart’s capital gains dipped for the quarter to June 30 by 1.3 per cent.
The result a month prior was also down, at -1 per cent growth.
Hobart’s April results, by comparison, led the nation with 5.1 per cent growth for the quarter ending April 30.
When compared year-on-year, Hobart is still faring well with 6.8 per cent growth to June 30, behind only Melbourne (13.7 per cent), Sydney (12.2 per cent) and Canberra (9.6 per cent).
PMM Real Estate sales manager Stefanie Szycman described Hobart’s Eastern Shore market as “incredible of late”.
“All of our sales were made after receiving multiple offers and properties have been going under contract at their closing date or prior to,” she said.
In Kingborough, Raine & Horne director Paul Guest said good quality homes built in the 1990s and 2000s have been hard to come by.
He said there was a massive shortfall of stock but “potential buyers aplenty”.
“However, I have been selling more land and units,” he said.
Peter Shacklady, from Harcourts Northern Suburbs, said the lack of properties on the market and the high volume of purchasers had resulted in “sales that exceed asking prices”.
However, in his patch, listing numbers are an issue.
He believes some agents have cut their fees to an “unsustainable degree”.
“It will be an interesting winter,” he said.
RP Data figures ending July 2 show the number of properties listed in Greater Hobart is 1285, which is down by 30.1 per cent compared to 12 months ago.
Homeowners Ingrid and Robert Zygmant listed their Blowhole Road, Blackmans Bay, home a couple of weeks ago and are now patiently waiting for a buyer to pounce.
Mrs Zygmant said they hope someone comes along soon that loves the beachside suburb as much as they do.
The Home Value Index noted Hobart remains the most affordable capital city with a median dwelling price of $355,000.
It also has the highest rental yields in the country, 5.1 per cent for houses — equal with Darwin — and 5.7 per cent for units.
CoreLogic RP Data head of research Tim Lawless said the change in rental growth conditions was most noticeable in Canberra and Hobart where rents had increased by 8.4 per cent and 6.2 per cent a year.
Originally published as Hobart house prices cool in winter