Survey says Tasmanian home sales exceeding expectations

Winners are grinners and there are plenty of grinners in the Tasmanian market right now.

TASMANIAN vendors are among the happiest in Australia, securing property sales results above their expectations.

With more than 20,000 respondents, RateMyAgent’s latest Price Expectation Report showed 10 per cent growth in Tassie home seller happiness when comparing Q2 to Q3.

At 53 per cent happiness, the Apple Isle was second only to No.1 ranked ACT at 54 per cent.

In conducting its research, RateMyAgent asked successful vendors if the sale price achieved was above, below or in line with their expectations.

Above expectation results equate with happy vendors.

While the ACT took the crown for the happiest state or territory, Victoria and Tasmania recorded the majority of the nation’s top 10 happiest areas.

Hobart was No 1, Launceston places 6th and the Tassie’s South East came in 9th.

Supplied Editorial RateMyAgent CEO Mark Armstrong. Source: Supplied.

RateMyAgent executive director Mark Armstrong.

RateMyAgent co-founder and executive director Mark Armstrong said the Hobart market — like the rest of Australia — is being characterised by a low level of supply of available property while strong demand is driven by an extremely low-interest-rate environment.

“To add fuel to the fire, Hobart is a more affordable capital city and this is also underpinning vendor price expectations,” he said.

The Hobart and Tasmanian markets’ ongoing problem with not enough stock to meet demand has raged on for years now. But could there be light at the end of the tunnel?

Mark said a shift in supply levels had begun and he would expect it to continue in 2021. “Property is a unique asset class in that it is also a primary need: shelter. Regardless of the broader economic environment or pandemics, life does go on,” he said.

“People are still getting married and having kids and these life changes put pressure on the need to buy and sell property.

“While some property owners have been able to ‘put on hold’ the selling of their property, the need to sell will continue to grow and this will drive property supply next year.”

With median prices marching upward again and demand on the rise all over Tasmania — in the city and regional markets, too — the state’s housing sector feels primed for a buoyant 2021.

Sales like a $2m-plus block of land sold within a day of hitting the market or multiple $4m-plus homes sold in our leading suburbs have injected an unmistakeable energy into the market.

“Money is as cheap as it has ever been and for people who have the ability to buy expensive property, there has never been a better time,” Mark said.

“In addition, for people that have a lot of cash, there is no point putting that money in the bank to earn a very low-interest rate so many will see property as a safer and better investment option.”

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