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Hobart home values fall 0.2% in August as sales activity slows

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Regional Tasmania values climbed 120.8% over the past decade. Image / Pulse

Hobart home values fell 0.2% in August, according to new figures from property analytics firm Cotality.

The fall left Hobart 1.1% below its peak, which was reached in March 2022. Regional Tasmania values dropped 0.1% for the month.

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Nationally, home values fell 0.9% in August – the fifth month of decline in a row – leaving them 3.6% below their March peak.

Sydney recorded the largest monthly fall of the capitals at 1.4%, followed by Melbourne and Canberra at 1.1% and Brisbane at 1%.

Darwin was the only capital to record a rise, up 0.6%.

Hobart home values fell 0.2% in August, according to Cotality data. Image / Pulse

Over the year, Hobart values rose 8.1% to a median of $752,397. Regional Tasmania values rose 12.7% to $616,076.

Regional Tasmania values are up 120.8% over the past decade, the largest increase of any region in the country.

Burnie-Ulverstone recorded the largest annual rise of any regional Tasmanian area at 15.2%, to a median of $578,979. Launceston rose 14.9%.

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Within Hobart, the city’s north-west recorded the largest annual rise at 13.9%, to $662,479. Brighton rose 13.1%.

Cotality research director Tim Lawless said the downturn had spread beyond higher-value markets.

“What started as a more concentrated easing across higher-value segments has now become a much more generalised softening, with the vast majority of capital city suburbs recording some level of decline,” he said.

Lawless said home sales were tracking 15.5% below the same time last year.

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“Longer selling times, larger vendor discounting and persistently low auction clearance rates all point to a buyer’s market, yet buyers are lacking the confidence to transact at the moment,” he said.

Hobart’s gross rental yield is 4.4%, among the highest of the capital cities.

Lawless said the market was likely to remain under pressure in coming months, citing the chance of another interest rate rise and cost-of-living pressures.

He said low housing supply and support for first home buyers should help limit the size of the falls.

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