Kingston Beach has seen a 2% increase in house prices this year, making it the top-performing neighbourhood in Hobart according to PropTrack’s Top Performing Suburbs report on Tasmania’s housing market.
With a median price of $882,000, this bustling beachside community, known for its village atmosphere, excellent schools, park and shopping centres, stands as the only suburb to witness an upward price trend.
Following Kingston Beach, Margate, Sandford, Blackmans Bay and Sandy Bay emerged as the next best performers in the greater Hobart area, but each saw slight dips in home prices.
In regional areas, about three dozen suburbs recorded positive growth, with Westbury leading the way with an 8% increase in home prices to an AVM of $501,000.
PropTrack economist Anne Flaherty says the Hobart market has undergone a price correction this year and has now entered a stabilisation phase.
“Compared to March 2020, price growth has been significant. In Hobart prices are still 38 per cent higher and in regional Tasmania they are 53 per cent higher, which is the third-best regional result,” she told realestate.com.au.
Among the reasons for the downturn, Flaherty highlighted intense competition from pandemic purchasers, which drove prices to new heights, followed by large interest rate increases which have decreased borrowing capacity and dampened demand.
“Affordability in Tasmania’s regional areas has seen it outperform Hobart. You can still find a house for under $500,000 in many Tassie regions.”
TAS TOP 10 GROWTH 2023
By AVM 12 month growth – Suburb, AVM and YoY percentage change
Hobart
- Kingston Beach $882,000 2%
- Margate $733,000 -2%
- Sandford $1,067,000 -3%
- Blackmans Bay $769,000 -3%
- Sandy Bay $1,143,000 -4%
- Rokeby $507,000 -5%
- Clarendon Vale $424,000 -5%
- Kingston $652,000 -5%
- New Norfolk $449,000 -5%
- Howrah $709,000 -5%
Regional
- Westbury $501,000 8%
- Devonport $457,000 5%
- Smithton $390,000 5%
- Deloraine $477,000 4%
- Perth $536,000 4%
- Ulverstone $473,000 4%
- Turners Beach $612,000 3%
- East Devonport $396,000 3%
- Youngtown $528,000 3%
- Port Sorell $611,000 3%
TAS TOP 10 MOST EXPENSIVE
Suburb AVM
Hobart
- Acton Park $1,218,000
- Sandy Bay $1,143,000
- Battery Point $1,138,000
- Sandford $1,067,000
- Tranmere $985,000
- Taroona $973,000
- West Hobart $886,000
- Kingston Beach $882,000
- Mount Stuart $855,000
- Rose Bay $855,000
Regional
Suburb AVM
- Grindelwald $826,000
- East Launceston $813,000
- Blackstone Heights $792,000
- Ranelagh $667,000
- Launceston $649,000
- Newstead $647,000
- Bridport $638,000
- Cygnet $632,000
- Legana $620,000
- Shearwater $617,000
Source: PropTrack
