Residential Market Trends: Key Facts on House Prices in Tasmania - March Quarter 2024
The REIT have release their quarterly property report for March 2024 in Tasmania, focusing on house sales and prices in different regions. The residential property market in Tasmania has witnessed some interesting trends in the March quarter of 2024. This article highlights key facts and figures regarding house prices in different regions of Tasmania during this period.
Overall House Sales
- Tasmania experienced a 4.1% increase in house sales during the March quarter of 2024 compared to the previous quarter.
- House sales across Tasmania were up by 9.9% when compared to the same quarter in 2023.
- Launceston and Hobart saw a rise in house sales by 3.6% and 0.9% respectively, while the North-West region experienced a slight decline of 3.3% in house sales.
Median House Prices
- The median house price in Tasmania decreased by 2.4% during the March quarter of 2024, but it was slightly higher by 0.2% compared to the same quarter in 2023.
- Launceston witnessed a significant increase of 6.1% in median house prices during the last quarter.
- The North-West Centres maintained a steady median house price, while Hobart experienced a decline of 3.4% in median house prices.
Other Dwellings Sales
- Other dwellings sales in Tasmania increased by 2.2% during the March quarter of 2024, but they were down by 5.3% compared to the same quarter last year.
- Hobart saw a substantial increase of 18.6% in other dwellings sales, while Launceston remained steady and the North-West Centres experienced a decline of 8.1%.
Median Prices for Other Dwellings
- The median price for other dwellings in Tasmania increased by 4.7% during the March quarter of 2024, but it was down by 4.0% compared to the same quarter last year.
- Launceston witnessed a significant increase of 11.8% in median prices for other dwellings, while the North-West Centres saw a rise of 3.8% and Hobart experienced a slight increase of 0.5%.
Property Value
- Tasmania recorded a total of $1.38 billion worth of property sold during the March quarter of 2024, indicating a 2.4% increase compared to the previous quarter.
- Compared to the same quarter in 2023, there was a significant increase of 9.1% in property value.
- However, when compared to the March quarter of 2022, there was a decrease of 17.4% in property value.
The residential property market in Tasmania has shown mixed trends in the March quarter of 2024. While there was an overall increase in house sales and other dwellings sales, median house prices experienced some fluctuations. It is important for potential buyers and investors to closely monitor these trends to make informed decisions in the Tasmanian real estate market.
(Note: The information provided in this article is sourced from the REIT Quarterly Property Report - March 2024)